Investors who sold BTC above $30,000 on the way to all-time highs are now buying back in, Ecoinometrics reveals. Bitcoin (BTC) is seeing a “reset” in investor behavior at $30,000 and the trend need only continue to spark a price rise. According to on-chain monitoring resource Ecoinometrics on Tuesday, the only way is “up” for BTC/USD if hodlers continue accumulating coins.
Analyzing who bought coins since the start of the latest bull run in October 2020, Ecoinometrics showed that major change is afoot compared to last year. At the start, it was smaller investors, or “small fish,” who were accumulating. This began when Bitcoin passed its previous all-time high of $20,000 and continued all the way up to the new peak of $64,500.
At $20,000, however, larger investors began selling, albeit not in sufficient quantities to end the bull run. Whales, on the other hand, added selling pressure once BTC/USD hit $30,000 for the first time. The result, analysts say, was the tipping point at May’s highs.
“Apparently $30k is a key level that stopped the trend of coins accumulation by whales,” Ecoinometrics commented.
The reason that selling pressure ultimately took over could lie with whale sentiment that Bitcoin was gaining “too much, too soon” and that the market was thus deemed unsustainable. Now that $30,000 has returned, cold feet are nowhere to be found — investors, both big and small, are buying again.
“Whales and small fish have started accumulating again while other categories have turned neutral,” the findings continue. “If that interpretation is correct, then what we had with this correction is a reset. Would that trend of accumulation continue, there is only one direction Bitcoin can go and that’s up.”
That perspective provides a refreshing counterargument to the bearish tone taken by many market commentators over the past few weeks. Related: Bitcoin price will see breakout ‘during this week’ says trader with $38K target
Even the classic stock-to-flow price model has fielded concerns of invalidation, something its creator denies, while on-chain activity has been marked by low volumes and a lack of solid support above $30,000.
Calls for a major price move are not in short supply, meanwhile, with hopes for an upward move lingering despite sliding below $32,000 on Wednesday.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 70.8% | 61 | $27 827.13 | 1.19% | -1.41% | $537 868 680 168 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 78.8% | 45 | $1 767.63 | 1.39% | -2.96% | $216 311 335 394 | ||
3 | ![]() |
Tether predictions | 93.6% | 1 | $1.000701 | -0.02% | -0.23% | $79 077 698 544 | ||
4 | ![]() |
Binance Coin predictions | 69.6% | 55 | $327.72 | 1.73% | -3.47% | $51 743 768 515 | ||
5 | ![]() |
USD Coin predictions | 95.2% | 2 | $0.999827 | 0% | -0.02% | $33 886 286 193 | ||
6 | ![]() |
XRP predictions | 83.6% | 31 | $0.446577 | -3.04% | 13.10% | $22 753 511 437 | ||
7 | ![]() |
HEX predictions | 64% | 82 | $0.084139 | -6.16% | -3.23% | $14 590 702 808 | ||
8 | ![]() |
Cardano predictions | 78.8% | 39 | $0.355862 | 0.71% | 1.72% | $12 359 438 439 | ||
9 | ![]() |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
10 | ![]() |
Polygon predictions | 74.8% | 45 | $1.095244 | 0.67% | -9.12% | $9 945 329 040 | ||
11 | ![]() |
Dogecoin predictions | 75.6% | 42 | $0.074422 | 0.07% | -2.38% | $9 873 616 140 | ||
12 | ![]() |
Solana predictions | 76.4% | 46 | $20.94 | 1.78% | -5.87% | $8 037 086 883 | ||
13 | ![]() |
Binance USD predictions | 93.6% | 1 | $0.999684 | -0.01% | -0.10% | $8 021 813 679 | ||
14 | ![]() |
Polkadot predictions | 80% | 39 | $6.02 | 1.08% | -8.38% | $7 046 355 080 | ||
15 | ![]() |
Litecoin predictions | 70.8% | 57 | $93.32 | 1.91% | 8.83% | $6 772 424 245 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.