CryptoQuant: Bitcoin strives for new historical highs

robot
Abstract generation in progress

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).

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)