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Bitcoin price can only go up if $30K accumulation reset continues


14 Jul 2021

#Bitcoin

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.

“Intriguing” data points to fresh demand

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.”

A glimmer of hopium

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 89.2% 15 $65 423.69 -1.35% -4.07% $1 289 746 438 847 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.2% 23 $3 429.98 -4.52% -4.68% $419 407 502 849 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000044 0.06% 0.04% $112 557 594 906 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 86% 25 $594.61 -1.93% -4.93% $87 755 290 405 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 79.2% 42 $135.08 -8.99% -13.74% $62 377 468 585 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 3 $1.000152 0.01% 0.01% $32 548 974 650 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 31 $0.491101 0.81% 0.47% $27 290 716 733 XRP 7 days price change
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15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.8% 9 $0.114218 -2.83% -2.92% $9 985 272 047 WTRX 7 days price change

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