$25K to $30K is a Crucial Demand Bucket For Bitcoin: Analyst

Last Updated:
People Holding Bitcoin for the Last 5 Years Are Now in 34% Loss
  • Ali has advised crypto users not to wait for Bitcoin to drop to $20,000 before buying.
  • The crucial demand bucket in Bitcoin history is between $25,000 and $30,000.
  • Reportedly, most institutional investors bought Bitcoin between $25,000 and $30,000.

A renowned crypto data analyst identified as Ali on X (formerly Twitter) has advised crypto users to ignore calls asking them to wait for Bitcoin to drop to $20,000 before buying. According to Ali, the crucial demand bucket in Bitcoin history is between $25,000 and $30,000.

In a recent post, Ali noted that $25,000 to $30,000 became Bitcoin’s historical demand bucket following significant volumes of the flagship crypto purchased between those prices. According to him, most people – especially institutional investors like Michael Saylor, MicroStrategy, Elon Musk, and Tesla bought Bitcoin between those prices.

Ali supported his position by sharing a screenshot containing Bitcoin’s Unspent Transaction Output (UTXO) realized price distribution. The shared data showed that Bitcoin has the highest purchase volume at $26,770.50, with over 800,000 Bitcoins purchased at that price.

Around this price is a cluster of significant purchases ranging from $25,397.66 to $30,889.04. Cumulatively, that formed the price bracket with the highest number of Bitcoin purchases in the history of the cryptocurrency. Other isolated prices with significantly high purchases include $3,432.12 and $17,160.58.

Bitcoin reached $25,000 for the first time in December 2020, following a post-halving rally and an influx of institutional investors like Tesla and MicroStrategy. Despite a protracted bear market, the $25,000 price region remained a significant technical level for the pioneer cryptocurrency.

Traders’ sentiment suggests that the whales and institutional investors would try to sustain Bitcoin’s price above the $25,000 region to protect their investment. Hence, it would serve as historical support for Bitcoin, especially with the expectation of another bull cycle.

Bitcoin traded for $28,342 at the time of writing, and Ali thinks it is a suitable price to buy the crypto token for anyone hoping to profit from the expected bull run.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

CoinStats ad

Latest News