While investors expect Bitcoin to experience a strong rise, the expected bullish signal came from the CryptoQuant analyst.
Accordingly, CryptoQuant writer Axel Adler said in his analysis that the average Bitcoin demand among retail investors fell to the lowest point in the last five months, reaching levels last seen in January.
After these levels last seen in January, BTC started to rise and reached its ATH of $ 73,600 in March.
Stating that retail investors were the fastest-reacting group, the analyst pointed out that Bitcoin experienced a 75% increase in the two months after the lowest levels in January.
“The average monthly change in Bitcoin demand from retail investors has fallen to -17%.
A drop similar to the previous -18% resulted in Bitcoin rising from $40k to $70k.
I also noticed that this group reacts quickly to any market changes.”
Pointing out that the BTC demand data of retail investors showed that the decrease of around 18% in January increased Bitcoin from 40 thousand dollars to over 70 thousand dollars, the analyst pointed out that if history repeats itself, BTC could rise above 120 thousand dollars from current price levels.
Even though this data gives an upward signal, do not make your investment decisions based on a single data or signal. These data are helpful data that have a margin of error and have never been proven to be 100% accurate.
*This is not investment advice.
