Crypto News Today – Pro-Ripple Lawyer Spots Positive Sign for Bitcoin, Eyes $50,000 BTC
Hey, my friend! Let’s dive into the exciting world of cryptocurrencies and talk about some positive signs for Bitcoin. You know, the crypto market is always full of surprises and interesting insights. So, grab a seat and get ready for a fun ride!
According to attorney John Deaton, who represents XRP holders, there’s something interesting happening with Bitcoin. He noticed that around 80% of all the Bitcoins in existence haven’t been moved or sold. Now, that’s quite a significant number! It could mean that people are holding onto their Bitcoins and not rushing to sell them.
Deaton sees this as a positive sign and believes that Bitcoin has the potential to reach incredible heights like $50,000 or even $75,000. He’s really intrigued to see what happens with that percentage when Bitcoin hits these price levels. It’s like watching a suspenseful movie and waiting for the big reveal!
In fact, Deaton took to Twitter to share his thoughts, saying, “If nearly 80% of Bitcoin hasn’t moved, it might be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K.” It’s like a game of anticipation and speculation in the world of cryptocurrencies.
And guess what? Investors seem to be sharing the sentiment of not selling their Bitcoin. The amount of Bitcoin supply that remains inactive is actually increasing. Crypto analyst Will Clemente shared a comment by Stanley Druckenmiller, a prominent investor, stating that 86% of the people who owned Bitcoin when it was priced at $17,000 didn’t sell their BTC even when prices dropped to nearly $3,000. Talk about strong hands in the game!
In another tweet, Clemente mentioned that despite Bitcoin doubling off its lows, we’re witnessing new record highs every day in terms of the amount of supply that hasn’t moved in at least a year. It’s like Bitcoin is taking a break and enjoying a spa day while its owners hold onto it tightly.
Now, let’s talk about the recent spot Bitcoin ETF frenzy that’s been going on. It’s like a gold rush in the crypto world! The largest global asset manager, BlackRock, and other major players have been filing applications for spot Bitcoin ETFs left and right. And guess what? This flurry of activity has caused Bitcoin’s price to rise from $25,000 to over $31,000, reaching new yearly highs. The excitement is real!
Glassnode, an on-chain analytics firm, has been closely monitoring the market and observed that a stable equilibrium was reached at around $26,000 before the recent price rally. This indicates that investor psychology has shifted away from the bearish outlook of 2022 and towards seeing these breakeven levels as an opportunity to build their positions instead of rushing to sell. It’s like a shift in mindset and a newfound confidence in the market.
As of now, Bitcoin is experiencing mild losses but is still holding above the $30,000 mark. It’s trading marginally up in the last 24 hours, hovering around $30,226. The market is a bit calm, catching its breath after the recent excitement.
But you know what? John Deaton is still bursting with optimism when it comes to the Bitcoin price. He recently asked his Twitter followers if they thought Bitcoin’s market valuation could one day reach half that of gold. If that were to happen, Deaton believes that the price of Bitcoin might skyrocket to $300,000, which is nearly 10 times its current value. It’s like dreaming big and reaching for the stars!
So, my friend, the world of cryptocurrencies is full of surprises and intriguing developments. With Bitcoin holders showing strong hands and the excitement around spot Bitcoin ETFs, it’s a thrilling time to be part of this digital revolution. Buckle up and enjoy the ride!