A new round of increased interest of regulators in cryptocurrencies and restrictions in the work of a number of crypto-exchanges led to the correction of Bitcoin from $ 50 thousand to $ 40 thousand. However, a number of indicators indicate the imminent end of the correction.
Image Source: Cryptocurrency Exchange StormGain
Extreme levels of the fear and greed indicatortalk about an impending trend reversal. Greed was at its peak when Bitcoin was at $ 60K, and it was replaced by fear at $ 30K. Now the level of fear is again close to summer lows, which supports current prices.
Image source: cointelegraph.com
The most cautious holders remain those with small wallets (holding less than 10 BTC). After the fall in May, they returned to buying, bringing the share of ownership to a historic 13.9%.
Image source: glassnode.com
But whales (≥ 1BTC) continue to accumulate their reserves. Their number has decreased by 15% since February, however, the reserves of those remaining in the ranks have grown on average from 3236 BTC in February to the current 3722 BTC.
Image source: research.arcane.no
A prime example of a true hodler isMicroStrategy, which bought an additional 5,050 BTC for $ 48,000 in September. The company's total supply is now 114,042 BTC (~ $ 5 billion) and the average coin purchase price is $ 27,713. As CEO Michael Sailor wrote: “If I chose gold instead of Bitcoin last year, it would have resulted in multi-billion dollar losses. "
The timing is really right:Jerome Powell at the last press conference went against the expectations of market participants and once again did not set a date for curtailing monetary incentives. The regulator continues to print fresh dollars in the amount of at least $ 120 billion a month, which leads to a weakening of the American currency against most financial instruments.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)