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CryptoQuant: Bitcoin strives for new historical highs
On May 12, the price of Bitcoin reached $105,722, which, according to analysts, confirms the strengthening bullish sentiment in the crypto market. According to a report by Dan Lim (Dan Lim), known by the pseudonym Crypto Dan, the realized price of Bitcoin, reflecting the average purchase price of all BTC on the market, is increasing. This indicates that investors are acquiring the asset at increasingly higher market prices. Lim noted that this is one of the key indicators of the strength of the current cycle, as demand for Bitcoins remains high even at levels above $100,000.
According to CryptoQuant, similar patterns in the past have been accompanied by further increases in the value of the first cryptocurrency, potentially pushing it to reach new historical highs of $108,000 and above.
Analysts noted that the Bitcoin bullish sentiment index jumped from 20 to 80 points, signaling a return of optimism among traders. This surge coincided with an increase in spot demand and a rise in the number of new wallet openings. According to Santiment, 344,620 new Bitcoin addresses were created in the past week, reflecting an influx of retail investors amid FOMO and a price increase of BTC to $103,800.
According to experts from CryptoQuant, optimism regarding the growth of Bitcoin is supported by macroeconomic factors, including expectations of a soft monetary policy and increased interest in cryptocurrencies following the speech of the head of the U.S. Securities and Exchange Commission (SEC) Paul Atkins (Paul Atkins).