Analysis shows the Selling pressure is fading as the Bitcoin currently trades fractionally below $38k
Selling Pressure Decreases
Currently trading just below $38k Bitcoin is up 4% in a day. However, the premier cryptocurrency still remains down by 18% over the past 30-days.
After a period of utter devastation that has unfolded during the past month or so, there are a few rays of hope that could be peered at.
Sharing data, that showed decreased selling pressure, IntoTheBlock, an AI-based crypto analytics stated:
“Speculation has faded from the crypto markets. The number of $BTC traders – addresses holding for less than 1 month, have decreased by 32.07% since December 28th.”
Analytics added, accumulating for some time at recent prices, the buying pressure is now coming from medium and long-term investors.
Bitcoin to $200k?
Recently, in a 2022 outlook webinar, head of digital asset strategy at Fundstrat Global Advisors, Sean Farrell, discussed the possible factors that could influence the Price of Bitcoin and others, as he thought, the crypto winter is not coming yet.
He stated, while the crypto boom cycle which lasts approximately for 4 years, starting right after the Bitcoin halving event, which takes place every 4-year period, had been a strong determinant of Bitcoin’s price behaviour, this time around it seems like a thing of the past.
As the main argument that was key to his analysis remained the amount of capital that has been put into crypto over the past several years.
He summarized, a whopping $30 billion was put into crypto by venture capital investors, just last year. Whereas, over $30 billion, four times the previous record high of $8 billion in 2018, was invested by blockchain-related companies too.
As he noted that in the present crypto market flows are more important than fundamentals, if they continue to compound and surpass $9 trillion (market cap), the Bitcoin would reach $200k.
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OhNoRipple via https://www.ohnocrypto.com/ @Gracie Perez, @Khareem Sudlow
