U.Today – Online retail accounts (BTC) are showing interest in purchasing the orange coin at current prices. This indicator has been increasing over the last few weeks and has already increased by 7%, which can be considered a positive signal, says the analyst.
Retail investor demand for Bitcoin (BTC) is rising as prices fall
Amid a prolonged decline in the price of Bitcoin (BTC), interest in purchases from accounts worth up to $10,000 is growing, says macro analyst Axel Adler. This indicator, crucial for predicting the BTC price, has already increased by 7% compared to the local minimum reached in May.
All in all, although Adler emphasizes that this is too little to say much about the upcoming recovery, the interest of the retail segment should be interpreted as a positive signal.
According to his chart from CryptoQuant data, the dynamics of interest in retail accounts may be correlated with the potential for price changes.
A local peak in retail demand was recorded midway through the first quarter of 2024, right after Bitcoin (BTC) reached an all-time high above $73,738 on March 14, 2024.
The analyst also emphasized that the growth of the first cryptocurrency will return as cryptocurrency whales are interested in reinvesting their profits:
Yesterday, the price of Bitcoin (BTC) dropped below $65,000 and reached the level of mid-May. As of press time, the largest cryptocurrency is changing hands at $64,262 on major spot exchanges.
Willy Woo says the proper recovery of Bitcoin (BTC) is yet to happen
Experienced analyst and Bitcoin supporter Willy Woo is also sure that the BTC price enhance has not yet arrived. He analyzed hashrate dynamics and predicts the capitulation of incompetent miners.
He emphasized that historically, miners with unprofitable hardware (antiquated ASIC systems of previous generations) left this segment after halving.
As the market matures and the net hashrate of Bitcoin (BTC) increases, this time the long-awaited capitulation of miners took longer than before.
However, the end of this process (which has been going on for over 60 days) will signal a chance for the next phase of the BTC rally.
