The spot Bitcoin ETF frenzy and XRP victory initiated by world giants, especially BlackRock, led to rises in Bitcoin and altcoins.
With these rises, BTC saw above $ 31,000, while today it pinned below $ 30,000.
While investors were waiting for more rise in Bitcoin, the expected signal came from CryptoQuant analysts.
Analysts studying the UTXO Value Bands in Bitcoin said that these bands are slowly waking up.
Stating that UTXO Value Bands show the behavior of whales separated by the amount of coins they hold, along with BTC's price movements, analysts said that 1K-10K UTXO Value Bands show the trend.
Accordingly, analysts pointing out that the 1K-10K whale group has increased as in 2019, “just as this whale group increased with the BTC price in 2019, it is gradually increasing with the BTC price in 2023.” said.
“1K-10K UTXO Value Bands are known as the most trend indicator according to their price, so we can have an idea about the investors participating in the market by watching their distribution according to the UTXO value change.
At this point, the UTXO value bands continue to increase.
If the UTXO Value Bands indicators rise gradually, we can be more confident that the price of BTC at the end of 2022 is a long-term bottom and that the price of BTC will continue to rise.
Also, as in the 2017 and 2021 bull markets, the UTXO value bands are increasing, which means that there are new millionaires selling their BTC supply to rookies, aka new investors.
And soon we will be faced with another “birth of a new millionaire”.
If history repeats itself, you can become a millionaire in the near future with the price of BTC increasing.”
1/ #Bitcoin ‘UTXO Value Bands’ summarizes the behaviors of whales or retails separated by amount of coins they hold along with BTC’s price actions.
Description👇https://t.co/R3gXOlWC7D
— CryptoQuant.com (@cryptoquant_com) July 17, 2023
*Not investment advice.
