Whales have been steadily buying up Bitcoin over the past month, indicating a surge in bullish market sentiment. The cumulative value days destroyed (CVDD) stands at $23,500, with the first and second accumulation phases at $38,000 and $61,500 respectively. According to a post by a popular self-proclaimed technical and on-chain analyst, Ali Charts, on X, the next likely local top price of Bitcoin may be $89,200.
Bitcoin price outlook: Increased demand for BTC
Long-term investor holdings have increased significantly, showing a growing confidence in the future performance of Bitcoin (BTC). In addition, daily inflows from large investors exceed $1 billion, demonstrating significant interest in Bitcoin as an investment asset.
The strong selling activity by traders is decreasing as the market undergoes a reset of their unrealized profit ratio to zero. This reduced selling pressure indicates potential stabilization, which could pave the way for upward movements in Bitcoin’s price.
Recent data from Cryptoquant shows a surge in whale activity, with whales accumulating large amounts of Bitcoin (BTC). Demand for the flagship cryptocurrency is expected to continue increasing, which is crucial for a sustainable price rally.
Spot Bitcoin ETFs in the US are influencing Bitcoin buying behavior, with steady inflows from notable contributors such as BlackRock and Grayscale, among other institutional players. This data further solidifies Bitcoin’s status as the preferred asset for investors. These factors have all led to an increasing demand for the cryptocurrency.
The flow of institutional capital can potentially boost the price of Bitcoin and enhance its reputation as a legitimate investment tool.
Daily Bitcoin transactions reach a peak
On June 10, 2024, there were 767920.0 Bitcoin transactions, compared to 509927.0 on June 9 and 365369.0 last year. This represents an increase of 110.2% from a year ago and 50.59% from the previous day. These figures are monitored daily and indicate the number of transactions on the Bitcoin network. As optimism about Bitcoin grows, more people are becoming interested in it, leading to an increase in transactions.
During the 2017 crypto market bull run, the crypto market cap reached its peak, and daily Bitcoin transactions rose accordingly. In December 2017, they reached 490644.
