Bitcoin Could Be Bullish Suddenly According To Latest Data From Into The Block

Bitcoin has the potential to enter bullish momentum. (Photo; Doc. Unsplash)

JAKARTA - The leading crypto market intelligence platform, IntoTheBlock, recently released data showing that Bitcoin (BTC) is preparing to make a sudden reversal or reversal. According to IntoTheBlock, this major cryptocurrency has the potential to re-test key psychological levels of 30,000 US dollars (Rp 456,756,000) after a significant increase.

The company's thesis is based on the number of Bitcoin buyers which are in the price range between US$27,345 (IDR 416,333,094) and US$30,000 (IDR 456,756,000).

"Bitcoin is back in the spotlight as Grayscale appears as the winner in the SEC lawsuit. The next achievement? 30.000 US dollars. Our on-chain data shows that 6.2 million addresses earned ~2.6 million BTC between current prices and 30,000 US dollars. This 'bang' is very significant and can explode in two ways," said IntoThe Block.

IntoTheBlock also revealed that Exchange Trade Fund Bitcoin (ETF) could trigger strong bullish momentum, driving higher Bitcoin prices. This relates to a recent court decision ordering the US Securities and Exchange Commission (SEC) to reconsider their rejection of the Grayscale app to launch the BTC ETF.

Nonetheless, IntoTheblock warns that bearish momentum could also trigger a sudden drop if Bitcoin buyers in the range of 27,000 US dollars to 30,000 were selling quickly to protect their investments.

"If there is a strong enough bullish momentum, for example, because of the ETF's approval, Bitcoin can get past this hurdle," added Into The Block.

At the time of writing, Bitcoin was trading for $226,500, a 2.3% drop in the last 24 hours. Market players around the world will continue to monitor this development closely.

The Increase In Altcoin Holders

In addition, IntoTheBlock also recorded a significant increase in the number of Long-term holders of Litecoin (LTC). "Long-term Litecoin holders are soaring! Nearly 5 million addresses have had LTC for more than a year, almost double the number last year which was only 2.55 million. A clear sign of the confidence of the holders regardless of market conditions," said IntoTheBlock.

Litecoin is currently trading for US$65.92, or around Rp. 1 million, a 1.7% drop in the last 24 hours. This condition will also be in the spotlight for investors who follow the crypto market.

IntoTheBlock also provides views on other crypto projects that have the most long-term holders. Ethereum (ETH) leads with 73.9 million long-term holders, followed by Bitcoin with 33.6 million. Meanwhile, Cardano (ADA) experienced an impressive increase of 170.4% in the number of long-term holders, reaching a total of 2.65 million holders.

On the other hand, blockchain oracle Chainlink (LINK) has decreased by 3% in the number of long-term holders in the past year. This is a development worth paying attention to for crypto market observers.

With the dynamic changes that continue in the crypto market, market participants must remain vigilant and ready to face various possibilities. We will continue to monitor these developments and provide the latest information when available.