- 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.
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