Long-term bitcoin indicators suggest a slow but steady rise ahead

Data provided by CryptoQuant and Glassnode provides a suggestion that in the foreseeable future, bitcoin (BTC) prices may increase, driven by long-term investors. Analysis of 1,000 to 10,000 BTC unspent transaction output (UTXO) Value Bands indicate a healthy wealth of such investors since 2022; a pattern similar to the one experienced before 2021 bulls. According to CryptoQuant, such pattern secures general market direction with the UP of such indicator equalling pronounced trends. Symultaneously, the number of tokens held in self-hosted wallets and the so-called “lost wallets” amounts to 7,781,224 BTC, indicating five-year high.

It’s unclear yet whether such statistics will affect the bitcoin’s rallying ability; however, it is certain that asset prices like BTC dropped in price in 2022, after long bulls brought asset prices from $4,000 to an all-time high of $61,500. Recent news of Ripple’s defeating the US Securities and Exchange Commission (SEC), combined with US ETF approvals, indicate potential realignment of crypto conditions.

At the time of writing, BTC is trading at $30,275 with steady 24-hour volume of $8.2 billion but a descent from July 13’s peak – an event caused by a 4.83% decrease.

Robert Wilson author
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