Despite current bearish sentiments for Bitcoin, a trading expert, Axel Adler, noted that some retail investors with investments of around $10K each are ready to dive into the pool of BTC to give it a new life.
BTC retail on-chain accounts are interested in buying Bitcoin in the current bearish phase. This metric has spiked over the past few weeks, increasing by 7%, which the analyst views as a positive signal.
Bitcoin Retail Demand Increases as Prices Decrease
As per the analysis of Axel Adler, the continuous price drop of Bitcoin is attracting retail investors with accounts of less than $10K, to grab this opportunity of buying Bitcoin from the dip. This phenomenon has already added around 7% compared to the local investments in May.
Overall, Adler emphasizes that while the current level of retail interest is too low to predict a recovery, it should still be seen as a positive signal.
The above chart, derived from CryptoQuant’s data, relates the interest of retail investors with the new price surge of this token.
The first investment was witnessed in the middle of the first quarter, when Bitcoin hit its all-time high of $74K on March 14, 2024.
The analysts also emphasized that the top leading cryptocurrency will be set on fire as whales plan to invest in it for their gains.
“Undoubtedly, retail players will contribute to the market’s recovery, but there’s no need to worry about the market, no matter what happens, it will recover, as major players have the cash they obtained from sales in March”.
Yesterday, the price of Bitcoin dropped to the lowest mark of $63.5K, reaching the drop witnessed in May. At the time of writing, Bitcoin is trading at the $64,260 mark as per CoinMarketCap data.
Willy Woo: Bitcoin Recovery Not Here Yet
Willy Woo, a seasoned crypto analyst, also predicted that the rally in Bitcoin price is not over yet. He analyzed the hashrate dynamics and predicted the surrender of inefficient miners.
He spotted that the miners with inefficient hardware and rigs had left the mining after the recent halving event.
As the market changed and the net hashrate of BTC increased, this time, the long-awaited exit of miners has lasted longer than before.
