CandleFocus New investors could be what Bitcoin needs for the next major breakout
2024-10-24
Author: Content Editor
The data from CryptoQuant suggests that new short-term investors could be the catalyst for the anticipated breakout of Bitcoin. Historical data shows that when the UTXOs (Unspent Transaction Outputs) under 6 months stopped declining, Bitcoin experienced significant price surges. Currently, the UTXOs under 6 months have halted their decline and are in a parallel line, with only about 8% of investors at a loss. The market needs new favorable catalysts, such as liquidity from new short-term investors, to drive Bitcoin prices higher. Data from Glassnode also indicates a divergence between BTC's price and exchange balances, signaling an incoming bull market. Inflows into BTC have also surged, suggesting rising liquidity. Bitcoin accumulation from institutions continues, and positive inflows have been registered for U.S. Bitcoin spot ETFs. Overall, the data suggests that Bitcoin could potentially reach new highs in the near future.
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