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Home»Bitcoin»Will Bitcoin’s Q3 be favorable for investors? 
Bitcoin

Will Bitcoin’s Q3 be favorable for investors? 

2023-06-27No Comments3 Mins Read
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  • As per Glassnode, the long-term holders supply remained near constant across the recent spot price increase.
  • Most metrics were bullish, but BTC’s RSI was in an overbought position. 

After a long wait, Bitcoin’s [BTC] price could cross the $30,000 mark during its latest bull rally. Such a bull rally often results in an episode when investors sell their holdings as they earn profits.  


Is your portfolio green? Check the Bitcoin Profit Calculator


However, the case with BTC was different, as investors continued to accumulate. Higher accumulation is usually positive for a crypto. Therefore, the possibility of BTC having a good start to the next quarter seemed likely to happen.

Bitcoin investors’ confidence remains high

Glassnode’s latest tweet revealed that the investors remained in the accumulation phase, the result of which might be seen in the upcoming quarter. As per the tweet, long-term holders supply has remained near constant across the recent spot price increase, residing at 14.47 million BTC at press time, just 20,000 shy of the all-time high.

This shows that long-term holder maturity and accumulation were similar to mature spending pressure, notwithstanding the increased inclination to sell.

A quick retrospection

While talking about the next quarter and BTC’s latest bull rally, it’s important to have a look at the previous market bottom. AxelAdlerJr, an analyst and author at CryptoQuant, pointed out in a recent analysis about the previous market bottom.

According to the analysis, the last market bottom was noted on 13 January.

He mentioned,

“This was the final day when the average Net Unrealized P/L Ratio dipped below 1, suggesting that most market participants would have ended up selling Bitcoin at a loss.” 

Source: CryptoQuant

This might be Bitcoin’s future

The king of crypto’s last week was bullish as its price rose by 13%, allowing it to cross the $30,000 mark. According to CoinMarketCap, at the time of writing, the king coin was trading at $30,357.48 with a market capitalization of over $589 billion. 

Source: CoinMarketCap


Read Bitcoin’s [BTC] Price Prediction 2023-24

See also  Investors Farm Airdrops On Blur, Leading Big NFT Value Fall Steadily

A look at BTC’s on-chain metrics revealed that things could get even better in the coming quarter, as most metrics were bullish.

For instance, BTC’s binary CDD was green, suggesting that long-term holders’ movements in the last seven days were lower than the average. Its exchange reserve was also decreasing. 

Source: CryptoQuant

A decline in the metrics means that the coin is not under selling pressure. Bitcoin’s demand in the futures market was also high, as evident from its green funding rate.

However, at press time, CryptoQuant’s data revealed that BTC’s Relative Strength Index (RSI) was in an overbought position, which could cause trouble in the coming days.

Bitcoins favorable investors
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bitcoin
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ethereum
Ethereum (ETH) $ 2,551.71
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.27
bnb
BNB (BNB) $ 663.12
solana
Solana (SOL) $ 151.80
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.284955
dogecoin
Dogecoin (DOGE) $ 0.170858
staked-ether
Lido Staked Ether (STETH) $ 2,552.47