Bold Bitcoin Breaks $100k: Spot Market Accumulation Fueling Price Surge
Cryptocurrency Update: Bitcoin's Current Surge Is Rooted in Investor Purchases in the Open Market
Get ready, crypto enthusiasts! Bitcoin's leading indicator has shattered the $100k barrier in the past few days, hitting heights not seen since February. But this rally ain't all hype and speculation, folks. This surge is driven by some serious spot market action, as revealed by the analysis firm Glassnode.
Bullish Bet on Bitcoin with Spot Market Accumulation
Bitcoin's been on a tear, recovering from its recent lows around $75k and heading north, breaking the $100k mark like it's nobody's business. At its peak, it hit $105,500!
But here's the kicker: This rally's not fueled by speculation and futures positions. Nope, it's all about real investors accumulating BTC on the spot market. Glassnode's latest analysis emphasizes that the seven-day average of the Bitcoin Spot Volume Delta has turned positive and reached a local high of about $5 billion on yesterday's dance floor.
What's the Spot Volume Delta, you ask? It's simply the difference between the volume of market buys and the volume of market sells on the spot market. Positive numbers mean more buyers than sellers, and the fact that so many investors are accumulating Bitcoin at these prices suggests they expect even higher numbers and see long-term investment opportunities above $100k.
All-Time Highs Within Reach
With Bitcoin only about 5% away from its all-time high, the stage is set for even higher numbers in the coming days and weeks. The previous all-time high was touched on January 20, 2021, at $109,114. To reach a new all-time high from the current $103,700, an increase of another $5,500 is needed.
Many experts haveset even higher targets for Bitcoin for the rest of the year, with predictions ranging from over $150k to $200k by year end. And as for the long haul, some renowned analysts and companies are predicting Bitcoin at $400k or even $1 million per coin by 2030.
Young Guns Like BTCBULL Could Shine in a Bitcoin Boom
Young coins like the early-stage BTCBULL, not yet listed on official exchanges, could particularly benefit from a further increase in the Bitcoin price and the overall crypto market.
BTCBULL is currently in the Presale phase, giving investors a chance to buy at a discount via the official website. With over $5.6 million in investments collected already, BTCBULL could be a shrewd investment for those optimistic about a Bitcoin boom in the coming months.
Moreover, BTCBULL holders stand to profit multiplicatively from a Bitcoin price surge, thanks to planned Airdrops if Bitcoin reaches and surpasses certain price milestones. The Airdrops will be issued upon Bitcoin's first crossing of the $150k, $200k, and $250k marks, but only if Bitcoin achieves such price increases. So, investing in BTCBULL could be an indirect bet on Bitcoin's future price development.
As always, remember: Every trade is risky, and there's no profit guarantee. This content serves for informational purposes only and doesn't constitute a buy or sell recommendation for assets, products, or any investments. Independent financial advice is always a good idea if possible.
Every trade is risky. No profit guarantee. Any content on our website serves solely for informational purposes and does not constitute a buy or sell recommendation. This applies to both assets and products, services, or other investments. The opinions expressed on this page do not constitute investment advice, and independent financial advice should always be sought if possible. This website is provided to you free of charge, but we may receive commissions from the companies we feature on this website.
Bitcoin's recent surge past $100k is not speculative, but rather a result of increased investing in the spot market. The seven-day average of Bitcoin Spot Volume Delta, as revealed by Glassnode, has turned positive and reached a local high of about $5 billion, indicating more buyers than sellers.
Young coins, such as BTCBULL, could potentially benefit from a further increase in Bitcoin's price, as their holders could profit multiplicatively from Bitcoin's Airdrops if specific price milestones are reached. This investment strategy could serve as an indirect bet on Bitcoin's future price development.
