Will Bitcoin’s Q3 be favorable for investors?
- 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.
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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.”
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.
Read Bitcoin’s [BTC] Price Prediction 2023-24
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.
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.