U.Today – Retail on-chain (BTC) accounts are showing interest in purchasing the orange coin at current prices. The metric has increased over the past few weeks and has already added 7%, which can be considered a positive sign, says the analyst.
Bitcoin (BTC) Retail Investor Demand Rises as Price Falls
Amid the prolonged decline in the price of Bitcoin (BTC), interest in buying into accounts with up to $10,000 is increasing, says macro analyst Axel Adler. This metric, which is crucial for BTC price prediction, has already added 7% compared to the local low reached in May.
Overall, although Adler stresses that it is too low to say much about an imminent recovery, the interest from the retail segment should be interpreted as a positive sign.
According to their chart derived from CryptoQuant data, the dynamics of retail account interest could be correlated with the potential for price movements.
The local peak in retail demand was recorded in the middle of the first quarter of 2024, just after Bitcoin (BTC) reached an all-time high above $73,738 on March 14, 2024.
The analyst also highlighted that the rally of the first cryptocurrency will return as crypto whales are interested in reinvesting their profits:
Yesterday, the price of Bitcoin (BTC) fell below $65,000 and reached mid-May levels. At the time of writing, the largest cryptocurrency is changing hands at $64,262 on major spot exchanges.
Bitcoin (BTC) Proper Recovery Is Yet to Come, Says Willy Woo
Experienced Bitcoin analyst and advocate Willy Woo is also sure that the BTC price is yet to come. He analyzed the hashrate dynamics and foresees the capitulation of inefficient miners.
He highlighted that, historically, miners with cost-effective hardware (obsolete previous generation ASICs) have abandoned the segment after halving events.
As the market matures and the net Bitcoin (BTC) hashrate increases, this time, the long-awaited capitulation of miners has lasted longer than before.
However, the end of this process (which has already been going on for over 60 days) will signal an opportunity for the next phase of the BTC rally.
This article was originally published on U.Today.
