To predict the bitcoin price, experts have identified one indication that suggests the BTC price may recover from its present low. During the current crypto market meltdown, the price of Bitcoin (BTC) has dropped below $30,000. BTC has surpassed the $30,000 mark today, with a price of $30,117 at the time of writing.
The recent dip in bitcoin price is part of a larger trend in the crypto industry, which has been exacerbated by the Terra (UST and LUNA) crisis. However, researchers have identified one indication that suggests BTC may recover from its present low position. They claim that the number of people owning at least one BTC has hit an all-time high, implying that BTC may recover from its present lows even while the overall “severe fear” feeling in crypto markets continues. “Bitcoin remains at the $30K level. Market sentiment, on the other hand, has plunged to an all-time low of 8 on the Fear and Greed Index. Meanwhile, the number of addresses holding 1 or more BTC has hit an all-time high, indicating that markets may recover from this low point…,” WazirX Trade Desk wrote in a note today.
The BTC Headed For $40K
“There were a few hints of optimism in the BTC markets,” Darshan Bathija, co-founder, and CEO of Vauld, stated. Levels at $29,500 were a good support zone, according to data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, with about 366.430 BTC owned by roughly 481.910 addresses. Attempts to lower the price might be countered by purchasing from these investors who may be looking to boost their profits.”
“Moreover, since May 9, the number of addresses holding 1 to 10 BTC has climbed from 689,000 to 694,000, indicating confidence in the cryptocurrency’s comeback,” he said. After the crash, investors may take some time to return. After seeing a big drop last week, Edul Patel, CEO, and Co-Founder of Mudrex, believes it will take some time for investors to return to the market. “The negative trend can only be reversed if BTC continues to trade above its support between US$27,000 and US$30,000 levels,” Patel noted.