Data Speaks: Now Bitcoin Is Being Pushed To These Levels!

According to the data, individual investors are caught in the FOMO and analysts say that the Bitcoin price has been pushed into a critical price zone.
 Data Speaks: Now Bitcoin Is Being Pushed To These Levels!
READING NOW Data Speaks: Now Bitcoin Is Being Pushed To These Levels!

Bitcoin (BTC) accumulation by individual investors took place long before previous price peaks. A FOMO seems to dominate the market, but all may not be as it seems…

Bitcoin individual FOMO hits new high since 2017

In a tweet on April 4, Blockware analyst William Clemente revealed that there has been a massive increase in the supply of BTC owned by smaller hodlers. Investors holding 1 BTC or less, typically referred to as “individuals,” are considered mainstream consumers rather than institutional investors. According to data from on-chain analytics firm Glassnode, these small players have significantly increased their share of the total BTC supply in 2022. Clemente warns that such events coincide with macro price peaks, but given the recent BTC/USD behavior, it looks different this time around.

Glassnode has seen that every segment of retail investors, from 1 BTC to the smallest 0.001 Bitcoin tranche, has increased its market share over time, but Glassnode has shown a dramatic increase since mid-February . Now, investors holding between 0.1 BTC and 1 BTC control about 800,500 BTC in total.

Cheds says that after the triangle formation, Bitcoin will rise to $ 58,000

“Cheds”, whose analysis we share as Kriptokoin.com, has emerged from Bitcoin’s ascending triangle pattern. Then he says he’s on the rise. In a recent strategy session, he shared a bullish outlook that he believes will push Bitcoin to the $58,000 target:

you have the $46,000 support. Adhere to the HL chart structure. Also, the ascending triangle is forming. These are the most logical way to look at it as bullish and the ascending triangle is normally a bullish continuation pattern. The measured action will be the height of the triangle. That would run us around $56,000 to $58,000.

Cheds says that while Bitcoin is bullish, traders should watch the 200-day MA closely as the technical indicator is currently acting as resistance. The analyst also underlines that market participants should watch how Bitcoin is traded in the coming days. He adds that the bulls need to defend the critical support of BTC or risk a sell-off event:

“We must stay above $45,000”

Cheds, Bitcoin as long as the bulls manage to keep BTC above $45,000 He adds that . is one resistance away from igniting a 26% rally from current prices:

We must stay above $45,000… All you have to do is clear the 200-day moving average. If that happens, I feel $58,000 will be 80% – 90%. This is the movement measured from the triangle and the last large cluster after the breakout.

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