Large Investor Demand for Bitcoin Accelerating: Could This Push BTC to $100K?
CryptoQuant data shows increasing investor demand for Bitcoin, with wallets holding 1K10K BTC rising faster than their 30-day average.Bitcoins price has experienced significant fluctuations recently, dropping below $75,000. Meanwhile, the BTC price has gained nearly $9,000 from its recent lows, briefly hitting $83,500. Although it couldn't maintain the momentum to climb further, Bitcoins current price remains above $81,000 following a minor correction. Its market capitalization now sits at $1.62 trillion, with dominance over alternative crypto surpassing 60%.Amid the recent Bitcoin recovery, large crypto investors are loading their bags. Data from CryptoQuant reveals that the number of wallets holding between 1,000 and 10,000 BTC is growing faster than the 30-day average. This trend is considered bullish, reflecting strong investor confidence in Bitcoins future. These investors, typically excluding exchanges and mining pools, are often seen as key players in maintaining Bitcoins value as both an investment asset and a store of value.Furthermore, the rise in the balance of these large holders coincides with Bitcoins recent price increases. As Bitcoin pushes above $81,000, the market seems resilient despite external market pressures.https://twitter.com/cryptoquant_com/status/1910321134681129450Analysts Predict Bitcoin Future MovementWith the evident rising metrics, various analysts have offered insights into Bitcoins potential trajectory. Enzy Bitcoin, an analyst active on X, points out that every time Bitcoin fills a price gap, it tends to bounce upwards. He highlighted the recent gap between $70,000 and $75,000, suggesting that Bitcoin may see a substantial price increase, possibly reaching $130,000 soon. This pattern has been consistent in the past, giving analysts confidence in Bitcoins ability to rebound after filling these price gaps.
Text source: The Crypto Basic
