👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Pro-Ripple Lawyer Spots Positive Sign for Bitcoin, Eyes $50,000 BTC

Published 06/28/2023, 07:34 AM
Updated 06/28/2023, 08:00 AM
© Reuters.  Pro-Ripple Lawyer Spots Positive Sign for Bitcoin, Eyes $50,000 BTC
BLK
-
BTC/USD
-
XRP/USD
-

U.Today - XRP holders' attorney has spotted a positive sign for the largest cryptocurrency by market capitalization, Bitcoin.

According to Deaton, the fact that roughly 80% of Bitcoin has not been moved might be a sign that individuals are not selling.

He highlights the possibility of Bitcoin reaching $50K or even $75K, saying he is interested in seeing what happens with that percentage at these prices.

"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," Deaton tweeted.

As investors remain hesitant to sell, the amount of the Bitcoin supply that remains inactive is increasing. On June 26, crypto analyst shared a comment by Stanley Druckenmiller, which indicated that 86% of the people who owned Bitcoin at $17,000 did not sell their BTC when prices plunged to nearly $3,000.

In another tweet, Will Clemente noted that despite Bitcoin roughly doubling off its lows, every day a new record high is set in the amount of supply that has not moved in at least a year.

The past week has seen a gold rush of spot Bitcoin ETF applications led by BlackRock (NYSE:BLK), the largest global asset manager. As a result, BTC has risen from $25,000 to over $31,000, setting new yearly highs.

On-chain analytics firm Glassnode observes that a stable equilibrium was reached at about $26,000 before the price rally.

According to Glassnode's weekly analysis, this could indicate that investor psychology has switched away from the 2022 bear outlook and toward viewing breakeven levels as an opportunity to build a position rather than taking exit liquidity.

At the time of writing, Bitcoin was recording mild losses, albeit still above the $30K mark. BTC was trading marginally up in the last 24 hours at $30,226.

Deaton continues to reel with optimism as regards the Bitcoin price. As previously reported, the CryptoLaw founder asked his Twitter followers over the weekend if they thought Bitcoin's market valuation could someday reach half that of gold. Deaton said that if this occurs, the price of Bitcoin might reach $300,000, nearly 10 times its current value.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.