Blockware Intelligence noted that short-term holders’ wallets are in the red and could be liquidated near the breakeven level of $65,000.
“Last summer, under similar circumstances, the price remained in a sideways trend for another two months before breaking out again,” the experts noted.
Long-term holders, with an average value of less than $20,000, are incentivized to hold or increase their coin holdings. For this category of participants, the current 15% drawdown from the all-time high in March 2024 is a routine event, according to Blockware Intelligence.
According to experts, during the 2017 cycle, the first cryptocurrency experienced ten rollbacks of 20% or more, which is a normal correction for the industry.
Blockware Intelligence analysts believe that the market needs higher volatility to attract more participants than it currently has. They noted that changes in regulatory policy in the US and the publication of macroeconomic statistics could play a significant role in increasing the value of bitcoin.
Earlier, the founder of the digital media company Barstool Sports, Dave Portnoy, told his followers on the social network X that he intends to buy bitcoins worth up to $10 million with the company’s money. But only if the BTC rate drops to $40,000.
Source: Bits
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