The Bitcoin price can only go up if “Reset” continues to accumulate to 30 thousand dollars
Bitcoin (BTC) is experiencing a “reset” in investor behavior at $ 30,000 and the trend just needs to continue and cause the price to rise.
According to the chain monitoring resource Econometric on July 13th, the only way to “bullish” BTC / USD is if holders keep piling coins.
“Attractive” data points for new demand
Analysis of people who have bought coins since the last bull run started in October 2020, Ecoinometrics shows that a big change is underway compared to last year.
At first, the smaller investors or “little fish” accumulated. This started when Bitcoin broke its previous all-time high of $ 20,000 and hit new highs of $ 64,500.
However, at $ 20,000, larger investors began selling, albeit in insufficient quantities to end the rally.
Whales, on the other hand, increased selling pressure when BTC / USD hit $ 30,000 for the first time. The results, say analysts, peaked in May.
“Clearly $ 30,000 was the key to halting the whales’ tendency to amass coins,” commented Ecoinmetrics.
The reason why the selling pressure could ultimately be on whales is that Bitcoin is rising “too much, too soon” and the market is therefore considered unsustainable.
Now that $ 30,000 is back, the cold feet are nowhere to be found – investors large and small are buying back.
“Whales and small fish have re-accumulated while others have become neutral,” it continues.
“If this interpretation is correct, we have a reset with this processing. Regardless of whether this accumulation trend continues, there is only one direction Bitcoin can go and that is up. “
A ray of hope
This view is a refreshing counterpoint to the bearish bias voiced by many market commentators over the past few weeks.
Related: Bitcoin Price Will Break Out ‘This Week’ Says Trader With $ 38K Target
Even the classic inventory flow model raises devaluation concerns that its creators refuse, while on-chain activity was characterized by low volume and the lack of solid support above $ 30,000.
Meanwhile, there is no shortage of supply on calls for a major price move and hopes of an upward move remain despite a dip below $ 32,000 on Wednesday.