Is $40,000 too unrealistic for BTC?
Bitcoin (BTC/USD) is one of the largest cryptocurrencies by market cap and has had a bearish outlook for the past few weeks
Bitcoin is the largest cryptocurrency by market capitalization BTC. Its blockchain network has also been used in numerous solutions.
As such, it is the most popular cryptocurrency that many investors tend to jump into and attracts a lot of mainstream attention.
Any business that starts accepting crypto will usually include Bitcoin (BTC) first, and every country aiming to make crypto legal tender chooses to use Bitcoin.
Recently, whales have been accumulating a lot of bitcoin. If you are a crypto trader, you need to be aware of this information so that you are prepared to trade Bitcoin.
According to data from Santiment, over 50,000 Bitcoin (BTC) were withdrawn from cryptocurrency exchanges in the last week. The coin’s price is hovering around $30,000 per BTC.
Bitcoin supply on exchanges is down 9.9%, and exchange supply hasn’t been this low in 3.5 years.
Source: Santiment
This can be largely attributed to Megawal addresses that have been accumulating the crypto at an unprecedented rate.
These whales have gained their highest supply of Bitcoin (BTC) in a year, showing solid confidence and belief in the crypto from a coin HODLing perspective.
Bitcoin on-chain analysis
Before diving into a cryptocurrency exchange to trade or invest in BTC, here’s what you need to know.
Bitcoin (BTC) traded on June 9, 2022 at a value of $30,600.86.
The BTC cryptocurrency’s all-time high was on November 10, 2021, when the coin hit $69,044.77.
If we look at the 7-day performance, the 7-day low was $29,419.16 while the 7-day high was $31,565.67.
With this in mind, we can see a pattern where BTC has both fallen below $30,000 and surged above $31,000.
This suggests that the price of BTC is range-bound with no notable price action.
We can also see how resilient and strong the Bitcoin network is from the hash rate chart, as analysts have pointed out.
Source: On-Chain College
If we look at the total Bitcoin (BTC) liquidations in the last 24 hours, we can see that it was $26.70 million, with $2.87 million in just one hour.
Source: coin jar
Also, if we look at Bitcoin’s long and short percentage, as of June 9, 2022, the long and short percentage is 31.92% while the short percentage is 68.08%, giving us a long/ Short rate of 0.47% leads.
Source: coin jar
In addition, we can see that the network has recorded $134.77 billion in transactions of more than $100,000 in the last 7 days. There was a total of $4.1 billion in foreign exchange inflows and $4.83 billion in total foreign exchange outflows.
Source: IntoTheBlock Token Summary Bitcoin
With this in mind, it is clear that investors are starting to HODL the cryptocurrency and are not selling it too quickly.
This shows a sign of confidence that Bitcoin (BTC) may soon show solid growth potential.
Based on historical price points, performance, and the overall state of the cryptocurrency market, bitcoin activity is still relatively high. We will likely see Bitcoin (BTC) break the $32,000 price barrier by June 2022.
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