{"id":649716,"date":"2024-10-25T02:30:42","date_gmt":"2024-10-25T02:30:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=649716"},"modified":"2024-10-24T16:11:55","modified_gmt":"2024-10-24T16:11:55","slug":"would-bitcoin-reclaim-70000-soon-key-data-suggests-new","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/would-bitcoin-reclaim-70000-soon-key-data-suggests-new\/","title":{"rendered":"Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key"},"content":{"rendered":"

Bitcoin recent decline<\/a> has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before.<\/p>\n

Amid this, a new analysis<\/a> suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors.<\/p>\n

Related Reading: Bitcoin\u2019s Network Fundamentals Turn Bullish\u2014Here Are The Details<\/a><\/div>\n

New Investors Hold the Key<\/h2>\n

According to a CryptoQuant analyst, Avocado Onchain, new market investors could drive the next significant upward price movement<\/a>.<\/p>\n

The analyst shared these insights on the CryptoQuant QuickTake platform, highlighting key data trends<\/a> that point to a potential price surge.<\/p>\n

Avocado Onchain\u2019s analysis focuses on “Unspent Transaction Outputs (UTXOs),” specifically those under six months old. UTXOs represent the amount of cryptocurrency that remains unspent after a transaction, and they can provide valuable insights into market sentiment.<\/p>\n

\"Bitcoin
Bitcoin UTXO metric. | Source: CryptoQuant<\/figcaption><\/figure>\n

According to the analyst, the decline in UTXOs under six months has stopped and is now leveling off. Currently, only 8.6% of Bitcoin investors are at a loss based on the present price of the cryptocurrency.<\/p>\n

In past market cycles, when the decline in UTXOs halted and showed an increase, Bitcoin\u2019s price often surged, marking the beginning of a new bull run<\/a>.<\/p>\n

Bitcoin Historical Patterns And Market Sentiment<\/h2>\n

The CryptoQuanat analyst further highlighted that the data from previous Bitcoin market cycles reveals a pattern in which the percentage of investors holding losses converged toward zero before significant price increases occurred.<\/p>\n

\"Bitcoin
Bitcoin UTXO metric. | Source: CryptoQuant<\/figcaption><\/figure>\n

Avocado points out that in those instances, as the number of investors in loss diminished, new investors entered the market in large numbers, driven by rising optimism. This influx of new participants tends to trigger a sharp price rise as new buyers increase demand for Bitcoin and fuel further upward momentum.<\/p>\n

For Bitcoin\u2019s price to reach new heights, the analyst suggests that market sentiment must shift more favorably. This positive sentiment is typically fuelled by the entry of new investors who tend to buy in when market conditions are improving<\/a>.<\/p>\n

Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top?<\/a><\/div>\n

Avocado also highlights that these new investors often show increased interest when Bitcoin nears or breaks through its previous all-time high, leading to an “explosive influx” of new buyers. If Bitcoin\u2019s current market conditions align with historical patterns, the cryptocurrency could be on the verge of a significant breakout.<\/p>\n

The CryptoQuant analyst further notes that while Bitcoin\u2019s price has recently been in a downtrend, this leveling off of UTXO data is a key sign that could indicate a reversal. The analyst noted:<\/p>\n

If history repeats itself, the current price of Bitcoin could be seen as being on the verge of an explosive breakout.<\/p><\/blockquote>\n

\"Bitcoin
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin recent decline has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before. Amid this, a new analysis suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors. Related Reading: Bitcoin\u2019s Network Fundamentals Turn Bullish\u2014Here Are The Details New Investors Hold the Key According to a CryptoQuant analyst, Avocado Onchain, new market investors could drive the next significant upward price movement. The analyst shared these insights on the CryptoQuant QuickTake platform, highlighting key data trends that point to a potential price surge. Avocado Onchain\u2019s analysis focuses on “Unspent Transaction Outputs (UTXOs),” specifically those under six months old. UTXOs represent the amount of cryptocurrency that remains unspent after a transaction, and they can provide valuable insights into market sentiment. According to the analyst, the decline in UTXOs under six months has stopped and is now leveling off. Currently, only 8.6% of Bitcoin investors are at a loss based on the present price of the cryptocurrency. In past market cycles, when the decline in UTXOs halted and showed an increase, Bitcoin\u2019s price often surged, marking the beginning of a new bull run. Bitcoin Historical Patterns And Market Sentiment The CryptoQuanat analyst further highlighted that the data from previous Bitcoin market cycles reveals a pattern in which the percentage of investors holding losses converged toward zero before significant price increases occurred. Avocado points out that in those instances, as the number of investors in loss diminished, new investors entered the market in large numbers, driven by rising optimism. This influx of new participants tends to trigger a sharp price rise as new buyers increase demand for Bitcoin and fuel further upward momentum. For Bitcoin\u2019s price to reach new heights, the analyst suggests that market sentiment must shift more favorably. This positive sentiment is typically fuelled by the entry of new investors who tend to buy in when market conditions are improving. Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top? Avocado also highlights that these new investors often show increased interest when Bitcoin nears or breaks through its previous all-time high, leading to an “explosive influx” of new buyers. If Bitcoin\u2019s current market conditions align with historical patterns, the cryptocurrency could be on the verge of a significant breakout. The CryptoQuant analyst further notes that while Bitcoin\u2019s price has recently been in a downtrend, this leveling off of UTXO data is a key sign that could indicate a reversal. The analyst noted: If history repeats itself, the current price of Bitcoin could be seen as being on the verge of an explosive breakout. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":649718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,679,93271,1119,78790,6664,10923,83531],"class_list":["post-649716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-bitcoin-utxo","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nWould Bitcoin Reclaim $70,000 Soon? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Would Bitcoin Reclaim $70,000 Soon? 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