In Bitcoin, which has experienced a gradual decline since mid-August, it has begun to be seen that investors are moving with the “take from the bottom” strategy.
According to what CoinDesk reported from the data analysis firm Glassnode; Despite this decrease in the price of BTC, which went from 12 thousand 400 dollars to less than 10 thousand dollars in the last 3 weeks, there was a 2 percent increase in the number of “saving addresses” and this figure reached 513 thousand addresses.
“Many new daily buyers are coming to take advantage of the low supply,” said Su Zhu, CEO of Three Arrows Capital, Singapore.
Spool addresses are addresses that don’t spend any money. In the study, addresses belonging to miners and the stock exchange and addresses that have not been active for 7 years (to avoid counting lost coins) were excluded.
The difference between prices and savings addresses shows us that investors see the recent price drop as a classic bull market decline and expect prices to rise once again.
In a tweet on Friday, Su Zhu wrote:
“After some moments of enthusiasm in the bull market, prices will retreat by 1 in 3. “$ 8,800 for BTC and $ 320 for ETH are very healthy targets.”
Bitcoin saw a 10 percent drop on Thursday and experienced a head and shoulders break, breaking the 6-month bull market trend in reverse. Usually, such models trigger more sales and price drops get deeper.
“100 thousand dollars is more likely than 5 thousand!”
The ability of Bitcoin to maintain its support of $ 10 thousand so far increases the sentiment in the bull market.
In another tweet, Zhu said, “I was stunned by the strength of $ 10,000. This means that I think 100 thousand dollars is more likely than 5 thousand dollars ”.
At the time of the publication of the news, BTC is traded around 10 thousand 10 dollars.