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

U.Today
U.Today

28 Jun 2023 11:34 AM

Pro-Ripple lawyer sees positive indication for Bitcoin (BTC)...

  • XRP holders' attorney John Deaton believes that the fact that approximately 80% of Bitcoin has not been moved indicates that people are not selling.
  • Deaton is interested in seeing what happens with this percentage at Bitcoin prices of $50,000 and $75,000.
  • Crypto analyst Will Clemente notes that despite Bitcoin's price doubling off its lows, a new record high is set every day in the amount of supply that has not moved in at least a year.
  • The recent surge in spot Bitcoin ETF applications, led by BlackRock, has contributed to Bitcoin's rise from $25,000 to over $31,000.
  • On-chain analytics firm Glassnode suggests that investor psychology has shifted, with breakeven levels now seen as an opportunity to build a position rather than exit liquidity.
  • Bitcoin is currently trading above $30,000, with mild losses in the last 24 hours.

The sentiment in the article is generally positive, with optimism expressed about Bitcoin's price potential and investor behavior.

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You May Ask

What percentage of Bitcoin has not been moved, according to John Deaton?What prices is Deaton interested in observing the percentage of unmoved Bitcoin?What record high is being set every day in terms of Bitcoin supply?What factor has contributed to Bitcoin's recent price rise?How has investor psychology shifted, according to Glassnode's analysis?

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