Kripto para analitik ÅŸirketi IntoTheBlock claims that new data suggests that Bitcoin (BTC) is ready for a sudden surge. IntoTheBlock suggests that Bitcoin could easily retest the key psychological level of $30,000 after the bullish event.
Bitcoin’s Bubble Allegation!
According to the reports of leading crypto analytics firm IntoTheBlock, the price of the leading cryptocurrency Bitcoin is dependent on the number of buyers between $27,345 and $30,000. The company stated the following on the subject:
Grayscale’s victory in the SEC case brought Bitcoin back into focus. The next milestone? $30,000. Our on-chain data reveals that approximately 2.6 million BTC has been purchased by 6.2 million addresses between the current price and $30,000. These ‘bubbles’ can be significant and can burst in two ways.
IntoTheBlock stated that the approval of a Bitcoin exchange-traded fund (ETF) could trigger a strong upward momentum, sending the leading crypto even higher. Some analysts believe that the likelihood of approval has increased after a court decided that the US Securities and Exchange Commission (SEC) should reject Grayscale’s BTC ETF application.
However, the firm warned that if buyers between $27,000 and $30,000 quickly sell to protect against losses, the downward trend could suddenly push Bitcoin lower. IntoTheBlock stated the following in their comments:
A bearish trend can trigger a move towards breakeven by increasing selling volume. However, if there is a strong upward momentum due to, for example, an ETF approval, Bitcoin can easily overcome these obstacles.
Developing On-Chain Data in Litecoin!
Next, IntoTheBlock claimed that there has been a significant increase in the number of long-term holders for the popular altcoin Litecoin (LTC). The company stated the following about Litecoin:
Long-term Litecoin holders are increasing! Approximately 5 million addresses have been holding LTC for over a year; this number has almost doubled from last year’s 2.55 million. A clear sign of confidence among shareholders despite market conditions.
IntoTheBlock also examined which crypto projects have the longest-term holders. Smart contract platform Ethereum (ETH) tops the list with 73.9 million, followed by Bitcoin with 33.6 million. According to the firm, Cardano (ADA), a competitor to ETH, reached a total of 2.65 million long-term holders with a 170.4% increase. Blockchain oracle Chainlink (LINK) stands out with a 3% decrease in long-term holders compared to last year.
