CryptoQuant analyst says the data that brought Bitcoin’s ATH is back, ready to drive the price to new highs.
While investors expect Bitcoin to have a strong increase after experiencing the recent price drop, an analyst from CryptoQuant shared Good signal for BTC.
Accordingly, analyst Axel Adler said in its analysis that retail investor demand for Bitcoin has dropped to a five-month low, last recorded in January.
The average monthly change in demand for bitcoins from retail investors <$10K has fallen to -17%.
A similar previous drop to -18% ended with an increase from 40K to 70K. pic.twitter.com/KKXoCddfxs
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 10, 2024
More importantly, after Bitcoin last recorded this level in January, the price immediately increased and reached a new ATH of $73,600 in March.
The analyst pointed out that Bitcoin has recorded a 75% increase In the two months after seeing the lowest Bitcoin demand in January, he shared in his analysis:
The average monthly change in Bitcoin demand from retail investors fell to -17%.
A similar -18% drop previously helped Bitcoin rise from $40k to $70k.
I also noticed that these investors reacted quickly to any changes in the market.
Immediately after that, Axel Adler emphasized the matter Bitcoin increased from 40 thousand USD to over 70 thousand USD after retail investor BTC demand data showed a drop of around 18% in January.
If historical patterns repeat, Bitcoin could rise to $120k from current price. However, this is only historical data and these projections will remain. contains errors and has never been proven to be 100% accurate.
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