The crypto market managed to explode these days and it continues to look great. More analysts have been looking at Bitcoin’s price and they have been trying to find the catalyst that is sending the price of BTC to the moon.
Check out the opinion of crypto analyst Nicholas Merten below.
What’s driving the price of Bitcoin
The analyst said on YouTube that whales and other institutional investors not selling their Bitcoin, despite macroeconomic and geopolitical uncertainty is the catalyst behind BTC’s sudden rise in price.
“Over the past couple months, there’s been so many scares around the macro environment. The Federal Reserve increasing interest rates and initiating quantitative tightening to curb inflation. The war going on between Ukraine and Russia. Potentially another Covid wave.”
He continued and said:
“All these different topics that got all these people pessimistic made people think that the whales, the large investors, the institutions were going to sell their positions.”
He also made sure to explain the following fact:
“On the contrary, we didn’t see any major whales dumping. In fact, we saw accumulators continue to either buy more or hold. That is proven here through the 1-year HODL wave.”
The 1-year HODL wave metric is the one that is keeping track of Bitcoin that has remained dormant for over a year.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $47,461.
Glassnode is looking at BTC’s price
An important crypto company is also analyzing the price of Bitcoin.
As short sellers fuel BTC’s initial leg up, Glassnode made sure to explain that the rally wouldn’t be sustained without organic demand.
The analytics firm says it is looking at Bitcoin’s number of addresses with a non-zero balance metric to show that investors continue to buy BTC in spite of the macroeconomic backdrop.
