Market Intelligence Platform IntoTheBlock Predicts Bitcoin Breakout
According to market intelligence platform IntoTheBlock, new data suggests that Bitcoin (BTC) is ready for a sudden breakout. The platform believes that Bitcoin could potentially retest the key psychological level of $30,000 following a bullish event. The analysis is based on the number of Bitcoin buyers in the price range between $27,345 and $30,000, indicating significant potential for a breakout.
Key Points:
- Bitcoin is expected to reach $30,000 due to the number of buyers in the $27,345 to $30,000 range.
- The approval of a Bitcoin exchange-traded fund (ETF) could further boost Bitcoin’s bullish momentum.
- Bearish sentiment may lead to a sudden drop in Bitcoin’s price if buyers in the $27,000 to $30,000 range sell to protect against losses.
- Long-term holders of Litecoin (LTC) have significantly increased, indicating confidence in the cryptocurrency.
- Ethereum (ETH) has the highest number of long-term holders, followed by Bitcoin and Cardano (ADA).
Hot Take:
According to IntoTheBlock, Bitcoin’s potential breakout to $30,000 is supported by the number of buyers in the current price range. However, bearish sentiment and profit-taking by buyers could hinder this upward movement. The approval of a Bitcoin ETF could provide the necessary bullish momentum for Bitcoin to overcome these obstacles. In addition, Litecoin’s growing number of long-term holders showcases confidence in the cryptocurrency. Ethereum remains the leader in long-term holders among all cryptocurrencies.
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