Bitcoin’s Quiet Buildup: Analyst Predicts Major Inflows Yet to Come—Here’s Why
27 Juillet 2024 - 3:00AM
NEWSBTC
Recent insights from a CryptoQuant analyst suggest that Bitcoin’s
recent price action could be the beginning of more substantial
movements. The analyst, sharing insights on QuickTake, points to
historical data on Bitcoin’s price trends and newcomer activities.
This data comparison shows that the most significant bull cycles in
Bitcoin history have often peaked when the influx of new
investors reaches a specific threshold—a phenomenon fueled by a
fear of missing out (FOMO) among new entrants. Related Reading:
Bitcoin Traders Brace for Impact: QCP Capital Signals Incoming
Price Drop—Here’s Why Bitcoin Quiet Buildup Interestingly, the
current cycle presents a deviation from this established trend.
Instead of experiencing new inflows at price tops, Bitcoin’s price
ascent this time does not align with a significant increase in
newcomer investments. This observation suggests that current upward
price trends are not the result of a massive influx of new market
participants but rather likely supported by different factors
within the broader financial ecosystem. The current bull cycle’s
support appears to rely heavily on the introduction and performance
of spot ETFs (Exchange-Traded Funds) focused on Bitcoin. These
financial products have provided both seasoned and new investors a
regulated pathway to invest in Bitcoin, potentially stabilizing its
price without the direct participation of newcomers typically seen
in past cycles. However, as the market adjusts to these
instruments, the same CryptoQuant analysis suggests a potential
shift may be on the horizon. According to the analysis, the minor
wave of new inflows observed in the first quarter of 2024 is a
precursor to what might become more pronounced market behavior in
future cycles. The analyst elaborated that the lack of major new
entrant inflows near price tops at these levels could indicate that
Bitcoin will likely experience longer periods of upside move when
more existing and novice investors start participating in the
market. This pattern, once initiated, could lead to more strong and
longer-lasting bull markets compared to those triggered by
temporary FOMO. BTC Market Performance and Outlook Meanwhile,
Bitcoin is still seeing some fairly bullish price action. So far,
the asset is still maintaining its price mark above $65,000, with a
current trading price of $67,495, up by 3.8% in the past 24 hours.
Amid this price performance, notable analysts in the space have
continued to be bullish on Bitcoin, sharing their respective
optimistic views on its price action. Just recently, an analyst
known as Moustache on Elon Musk’s social media platform X disclosed
an interesting observation on BTC’s chart. Related Reading: Analyst
Breaks Down Bitcoin’s Potential for Surge and Setback, Reveals 5
Key Trends According to the analyst, Bitcoin has been copying the
famous Wyckoff Reaccumulation Model, indicating that a major surge
is on the horizon. #Bitcoin Did you know that $BTC copies the
famous Wyckoff Reaccumulation Model almost perfectly? I’ve been
sharing this chart for weeks now. Don’t let yourself be shaken out
here. Higher soon. $70,000 next. pic.twitter.com/xv3d3soYq9 —
𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) July 25, 2024 Featured image created
with DALL-E, Chart from TradingView
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