According to U.Today, Bitcoin (BTC) retail on-chain accounts are showing interest in purchasing the cryptocurrency at its current prices. Over the past few weeks, this metric has increased by 7%, which analysts interpret as a positive sign. Despite the ongoing decrease in Bitcoin's price, there is a growing interest in buying from accounts with up to $10,000, according to macro analyst Axel Adler. This crucial metric for BTC price prediction has risen by 7% compared to the local bottom reached in May.
Adler emphasizes that while it's too early to predict a full recovery, the increased interest from the retail segment is a positive indicator. His chart, derived from CryptoQuant's data, suggests that the dynamics of retail accounts' interest could be correlated with potential price movements. The peak of retail demand was recorded in mid-Q1, 2024, shortly after Bitcoin reached an all-time high of over $73,738 on March 14, 2024.
Adler also noted that the rally of the first cryptocurrency will return as crypto whales are interested in reinvesting their gains. He believes that retail players will contribute to the market's recovery, and that the market will recover regardless of circumstances, as major players have the cash they obtained from sales in March. As of the time of reporting, Bitcoin's price had dropped below $65,000, reaching mid-May levels, and was trading at $64,262 on major spot exchanges.
Seasoned analyst and Bitcoin proponent Willy Woo also believes that Bitcoin's price run is yet to come. He analyzed the hashrate dynamics and predicts the capitulation of inefficient miners. Historically, miners with cost-ineffective hardware have left the segment after halving events. As the market matures and Bitcoin's net hashrate increases, the long-anticipated capitulation of miners has lasted longer than before. However, Woo suggests that the end of this process, which has been ongoing for over 60 days, will signal an opportunity for the next phase of the Bitcoin rally.