Bitrabo Editorial
As Bitcoin experiences an upward trend in prices once more, there is a significant increase in demand from short-term holders, indicating a positive outlook for the cryptocurrency’s future.
Renewed Interest from Short-Term Bitcoin Holders
Axel Adler Jr., a macro researcher at the on-chain analytics company CryptoQuant, recently noted a resurgence in demand for Bitcoin among short-term holders. This uptick follows a previous decline, as reflected in the Short-Term Holders Supply 30D Change metric.
The market data indicates that these short-term investors, defined as those holding Bitcoin for less than 155 days, have started re-entering the market by purchasing the cryptocurrency again. Their renewed participation suggests growing enthusiasm surrounding a potential price surge in the near future.
Upon reviewing the Short-Term Holders Supply 30D Change data, Adler pointed out that the metric has seen improvements over the past 18 days, despite remains negative overall. The supply grew by approximately 15%, reflecting a daily increase of around 0.95% during that timeframe.
Market participants are attentively monitoring these developments, as this resurgence in demand might indicate a forthcoming price boost, especially amid broader market volatility.
The interest from short-term Bitcoin holders surges in response to returning market volatility, as Adler mentioned in another update. He cautioned traders to evaluate risks given the fluctuating nature of the market. Currently, leveraged trading volumes on the top three crypto exchanges are at 32%, and a rise above 55% could trigger a series of liquidations.
Potential for a New All-Time High for BTC?
With excitement building around a significant rally, Michael Van De Poppe, a market analyst and CIO of MN Consultancy, has examined Bitcoin’s recent performance. He forecasts that the asset may soon achieve a record high. Van De Poppe noted that Bitcoin is currently consolidating, indicating possible market softness.
However, he remains optimistic due to critical forthcoming events, such as the U.S. Presidential election and the possibility of a Federal Reserve rate cut, which may lead to substantial price fluctuations for Bitcoin. According to him, a new all-time high for Bitcoin is “on the horizon.”
As of now, Bitcoin is trading at $67,899, a slight increase of 0.70% over the past day. Despite the gradual price rise, Bitcoin’s trading volume shows a downward trend, having decreased by 2% in the last 24 hours.