Bitcoin could break out if bullish momentum is strong enough, crypto analytics firm says — but there’s a catch
According to market intelligence platform IntoTheBlock, new data shows Bitcoin (BTC) is primed for a sudden breakout.
IntoTheBlock says that after a bullish event, Bitcoin could easily retest the key psychological $30,000 level.
The company’s thesis is based on the number of Bitcoin buyers in the price range between $27,345 and $30,000.
“Bitcoin is back in the spotlight as Grayscale emerges victorious from its SEC lawsuit. The next milestone? $30,000. Our on-chain data shows that 6.2 million addresses acquired approximately 2.6 million BTC between the current price and $30,000. These “bubbles” are significant and could burst in two ways.”
Source: IntoTheBlock/X
IntoTheBlock says the approval of a Bitcoin exchange-traded fund (ETF) could spark strong bullish momentum, clearly propelling the crypto king higher. Some analysts believe the chances of approval have increased after a court ruled that the Securities and Exchange Commission must reconsider its denial of Grayscale’s application to launch a BTC ETF.
However, the company warns that bearish sentiment could send Bitcoin abruptly lower if buyers of BTC sell quickly to protect against losses in the $27,000-$30,000 range.
Says IntoTheBlock,
“A bearish sentiment could trigger a rush to breakeven and increase sales volume. However, if there is strong enough upside momentum, such as from an ETF approval, Bitcoin could clear these hurdles.”
Bitcoin is trading for $26,500 at the time of writing, down 2.3% over the past 24 hours.
Next, IntoTheBlock notes a massive surge in long-term holders of the peer-to-peer payment network Litecoin (LTC).
“The number of long-term Litecoin holders is increasing! Nearly 5 million addresses have been holding LTC for over a year, almost doubling the number from 2.55 million last year. A clear sign of confidence from owners despite the market conditions.”
Source: IntoTheBlock/X
Litecoin is trading at $65.92 at the time of writing, down 1.7% over the past 24 hours.
IntoTheBlock also examines which crypto projects have the most long-term holders.
At the top of the list is the smart contract platform Ethereum (ETH) with 73.9 million, followed by Bitcoin with 33.6 million.
According to the company, ETH rival Cardano (ADA) is seeing a 170.4% increase in long-term holders to a total of 2.65 million.
Blockchain oracle Chainlink (LINK) is notable for a 3% drop in long-term holders over the past year.
Source: IntoTheBlock/XDon’t miss a thing – Subscribe to receive email alerts straight to your inbox
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