Bitcoin Trades Below $8,900 And Small Investors Are Buying
The crypto market looks bloody again, and most coins are trading in the red. At the moment of writing this article, Bitcoin is also trading in the red and the coin is priced at $8,880.44.
Small investors are buying BTC
Bitcoin fell during the past days and it’s been revealed by Coindesk that the small investors are happy to buy these days.
It’s been revealed that the number of addresses holding at least 0.1 BTC rose to a lifetime high and reached 3,053,004 on Friday. Both metrics regained their upward trajectory following the Bitcoin halving that took place back on May 11.
“Retail investors are likely in an accumulation phase,” said Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, as cited by the same online publication mentioned above.
The dip demand could be associated with the bullish narrative that BTC could repeat history with a strong rally over the next 12 months.
The king coin witnessed a 30% drop in price after the 2016 halving.
It’s been also revealed that important trading companies are also having an optimistic outlook at the king coin: “The price pullback was expected and the long-term bias remains bullish. We would accumulate if prices drop to the $6,000-$8,000 range,” said Darius Sit, co-founder and managing director at Singapore-based QCP capital as cited by Coindesk.
Today, BTC is down by about 0.39% in the last 24 hours.
Bitcoin price drop warning
The other day we were reporting that an important voice in the crypto space issued a warning about the price of the most important coin out there.
Yup, back on track…. pic.twitter.com/iL7oZ8BaPu
— dave the wave (@davthewave) May 21, 2020
Dave the Wave, says he believes that after BTC was not able to beat resistance at $10,000, the coin is now “back on track” to fall to $6,300.
Dave’s latest chart shows Bitcoin falling next month to the low $6,000s.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.