Advocate for XRP Holders John Deton spotted a positive sign for the largest cryptocurrency by market cap, Bitcoin.
According to Deaton, the fact that around 80% of Bitcoin has not moved could be a sign that individuals are not selling.
If nearly 80% of #Bitcoins hasn’t moved, it could be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K.
— John E Deaton (@JohnEDeaton1) June 27, 2023
He points to the possibility of Bitcoin reaching $50,000 or even $75,000, saying he is interested to see what happens with that percentage at those prices.
“If nearly 80% of Bitcoin hasn’t moved, that could be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K,” Deaton tweeted.
As investors hesitate to sell, the amount of Bitcoin supply that remains idle increases. June 26, crypto analyst Will Clement shared a comment from Stanley Druckenmiller, which stated that 86% of people who owned Bitcoin at $17,000 did not sell their BTC when prices fell near $3,000.
In another tweet, Will Clemente noted that although Bitcoin has roughly doubled its lows, every day a new record is set in the amount of supply that hasn’t moved for at least a year.
The past week has seen a gold rush of Bitcoin ETF spot apps led by BlackRock, the world’s largest asset manager. As a result, BTC surged from $25,000 to over $31,000, setting new yearly highs.
On-chain analytics firm Glassnode observes that a stable equilibrium was reached at around $26,000 before the price rise.
According to Glassnode’s weekly analysis, this could indicate that investor psychology has shifted away from the bearish 2022 outlook to view equilibrium levels as an opportunity to build a position rather than take out cash.
At the time of writing, Bitcoin was registering slight losses, although still above the $30,000 mark. BTC was trading slightly over the past 24 hours at $30,226.
Deaton continues to waver with optimism regarding the price of Bitcoin. As previously reported, the CryptoLaw founder asked his Twitter followers over the weekend if they thought Bitcoin’s market valuation could ever reach half that of gold. Deaton said that if this happens, the price of Bitcoin could reach $300,000, almost 10 times its current value.