[Data shows that the retail industry sends a "positive signal" for Bitcoin]
Bitcoin (BTC) retail on-chain accounts are showing interest in buying Bitcoin at current prices. This indicator has continued to rise over the past few weeks and has grown 7%, which analysts consider a positive sign.
General economics analyst Axel Adler said that despite the continued decline in Bitcoin prices, buying interest among accounts worth $10,000 or less is surging. This metric, which is crucial for BTC price predictions, is already up 7% from May’s local lows.
His chart shows that the dynamics of retail account interest may be correlated with price movement potential, based on data from CryptoQuant.
Retail demand hit a local peak in the middle of the first quarter of 2024, when Bitcoin hit an all-time high of $73,738 on March 14.
Analysts also noted that the first cryptocurrency’s rally will be repeated as crypto whales reinvest their gains:
There is no doubt that retail players will help the market recover, but whatever happens, the market will recover because the major players have the cash from March sales.
Yesterday, Bitcoin price fell below $65,000, reaching mid-May levels. At press time, the largest cryptocurrency was trading at $64,262 on major spot exchanges.
Veteran analyst and Bitcoin supporter Willy Woo also believes that Bitcoin’s price rise is not over yet. He analyzed the dynamics of computing power and foresaw that inefficient miners would exit the market.
He noted that historically, miners using less cost-effective hardware (older ASICs) exit the market after halving events.
As the market matures and Bitcoin’s computing power surges, the long exit process for miners is longer than before.
However, the end of this process (which has lasted for over 60 days) will signal the opportunity for the next phase of BTC’s rise.
