Attorney John Deaton for XRP investors has seen a promising development for Bitcoin, the largest cryptocurrency by market capitalization.
Deaton asserts that the fact that 80% of Bitcoin has remained unchanged may indicate that people are not selling.
He mentions the potential for Bitcoin to hit $50,000 or even $75,000 and says he’s curious to see what happens with that percentage at these prices.
“If over 80% of Bitcoin has not changed hands, it may indicate that individuals are not selling. Very curious to see how that % performs at 50K and 75K,” Deaton tweeted.
The portion of the Bitcoin supply that is still dormant is growing as investors continue to be reluctant to sell. A statement made by Stanley Druckenmiller was published by crypto analyst Will Clemente on June 26. It stated that 86% of those who bought Bitcoin at a price of $17,000 did not sell their cryptocurrency when it fell to over $3,000 in value.
Will Clemente pointed out in another tweet that despite Bitcoin almost tripling from its lows, a new record high is established every day for the supply that has not changed in at least a year.
Applications for spot Bitcoin ETFs have flooded in over the past week, spearheaded by BlackRock, the biggest global asset management. BTC has increased from $25,000 to over $31,000 as a result, reaching new annual highs.
Before the price surge, a stable equilibrium was attained at around $26,000, according to on-chain analytics company Glassnode.
This might suggest that investor mentality has changed away from the bear forecast for 2022 and towards seeing breakeven levels as a chance to grow a position rather than taking exit liquidity, according to Glassnode’s weekly study.
At the time of writing, Bitcoin was still trading over the $30K level while suffering just minor losses. In the previous day, BTC had slightly increased in price to $30,226.
Deaton’s confidence in the price of bitcoin doesn’t let up. As previously reported, the creator of CryptoLaw enquired on Twitter over the weekend whether they believed that Bitcoin’s market value will ever go below that of gold. If this happens, according to Deaton, the price of Bitcoin might increase to $300,000, or about 10 times its present worth.
