As Bitcoin [BTC] consolidates near its recently achieved all-time high, its demand also increases sharply. This, despite the market fall...
While Bitcoin may have fallen below $70K again, it hit a major historical milestone – For the first time ever.record major price corrections on the price charts. Even so, it’s not too far off its recent all-time high. However, BTC’s price wasn’t the only metric to hit an ATH recently. In fact, its demand also increased sharply.
In fact, CryptoQuant recently posted an analysis pointing out how new investors are entering the market. CryptoDan, an analyst and author at CryptoQuant, mentioned in anthat Bitcoins held for more than 6 months mean that the number of Bitcoins traded for less than 6 months has increased, indicating an influx of new investors. Similar incidents have happened before, each of which was followed by bull rallies.
This is a sign that there are still a few more months left before BTC hits a new peak. Ergo, people who have been making $100k and $150k price predictions may not be wrong really.
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