The demand for the rise in the price of Bitcoin (BTC) to an all-time high still keeps investors’ hopes alive. However, the actual demand for Bitcoin shows a significant decline. However, there is a category of investors that may prevent the price from falling.
Since the beginning of August, the price of Bitcoin has struggled to rise above the $60,000 level, hindering investors from recovering losses resulting from the July crash. While the movement of the digital asset forms a broad triangular structure, a breakout of this pattern takes a long time, due to the decline in demand for Bitcoin among investors.
An exclusive report from CryptoQuant published on Beincrypto revealed a significant drop in the holdings of large Bitcoin holders. According to the report, the relative change in whale holdings over 30 days has declined from 6% in February to just 1% now.
Overall, a 3% rise in title holdings containing 1,000 to 10,000 BTC is a positive sign of Bitcoin’s rising price, but this has not happened at the moment.
Read also:Popular investor considers buying this asset to be his biggest bullish bet ever
However, the lack of sustainable growth in the price of Bitcoin has not affected the most loyal holders of the coin. Permanent keepers, those who collect bitcoin without spending or selling their holdings, are still buying.
The total balance of these permanent holders rises steadily every month at a rate of 391,000 BTC. Interestingly, this rise in accumulation occurred after the price drop began in late May.
Thus, these mixed signals can prevent the price of Bitcoin from falling, but they may also delay the rally.
Bitcoin Price Forecast: Period Below $65,000
The price of Bitcoin, currently at $59,280, is likely to continue to consolidate below the $60,000 level. The trend since early March suggests that Bitcoin tends to move sideways in a defined range before seeing a significant rise or fall.
If bullish signals prevail over the bearish, Bitcoin could rise to $65,000, but it will likely take some time to break this level. Thus, before the end of the third quarter, a break of the pattern and a rise to $80,000 seems unlikely.
However, if the price of Bitcoin manages to surpass $65,000, it could be able to rise above $71,500. This could enable Bitcoin to rise, possibly surpassing an all-time high of $73,800, which would invalidate bearish-neutral expectations.
Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of any asset, nor is it considered a solicitation, offer, recommendation or proposal for investment. We would like to remind you that each asset is evaluated from multiple perspectives and its risks are high, so any investment decision and the risks associated with it belong to the investor. also We do not provide any investment advisory services.
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