Bitcoin Price Can Only Rise If $ 30,000 Accumulation Reset Continues

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Bitcoin (BTC) sees a reset in investor behavior to $ 30,000 and the trend need only continue to trigger a rise in prices.

According to on-chain monitoring resource Ecoinometrics on Tuesday, the only way is for BTC / USD if the hodlers continue to accumulate coins.

Intriguing data points to new demand

Analyzing who has bought coins since the last bull run started in October 2020, Ecoinometrics showed that a major change is underway from last year.

Initially, it is the small investors, or small fish, who accumulate. It started when Bitcoin broke its previous high of $ 20,000 and continued to the new high of $ 64,500.

At $ 20,000, however, the biggest investors started to sell, but not in sufficient amounts to end the bull run.

Whales, on the other hand, increased selling pressure once BTC / USD first hit $ 30,000. The result, analysts said, was the tipping point towards May’s highs.

Apparently, $ 30,000 is a key level that has halted the trend of coin accumulation by whales, Ecoinometrics commented.

The reason the selling pressure finally got the upper hand could lie in the whale feeling that Bitcoin was winning too much, too soon, and therefore the market was deemed unsustainable.

Now that $ 30,000 has returned, cold feet are nowhere to be found, investors big and small are buying again.

Whales and small fish have started to pile up again while other categories have turned neutral, conclusions continue.

If this interpretation is correct, then what we got with this fix is ​​a reset. If this accumulating trend continues, there is only one direction Bitcoin can go in and that is upward. Bitcoin whale behavior chart. Source: Ecoinometrics / Twitter A Glimmer of Hopium

This outlook provides a refreshing counter-argument to the bearish tone adopted by many market commentators over the past few weeks.

Related: Bitcoin Price To Breakthrough During This Week, Says Trader With $ 38,000 Target

Even the classic stock-flow pricing model has raised concerns of invalidation, which its creator denies, while on-chain activity has been marked by low volumes and a lack of solid support above $ 30,000. .

Calls for a major price move are not uncommon, while hopes for an upward move persist despite sliding below $ 32,000 on Wednesday.

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