Average demand for Bitcoin among private individuals has fallen to the lowest level in five months. Ultimately, that ended in a 75% increase for Bitcoin in the following two months last time. Currently, the average monthly change in demand among private individuals with a volume of up to $10,000 is -17%.
Price explosion imminent for Bitcoin
Funnily enough, we see that the Bitcoin price often reached a local bottom when this indicator bottomed out.
According to Axel Adler Jr, it is therefore possible that we will start to rise again with Bitcoin from here. “I also notice that this cohort responds quickly to small changes in the market,” said the analyst.
Last month, Axel Adler Jr used the same indicator to show demand fell 31% over the 17 days. before May 24. This amounted to -14.50%.
He pointed to, among other things, the increased interest in GameStop (GME) and Ethereum, probably due to the approval of the ETFs.
Saving is too interesting
It could also be that consumers currently choose to “just” save and not save in Bitcoin. In the United States you can sometimes get more than 5% interest on your savings.
Interest rates are of course so high because of inflation. But it may be that consumers choose to leave their money in the account instead of opting for Bitcoin.
That money may move again if interest rates fall. In that respect, today promises to be an important day.
Today the American consumer price index (CPI) is scheduled to be released at 2:30 PM Dutch time. If it turns out to be lower than expected, Bitcoin could show fireworks.
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Source: https://newsbit.nl/vorige-keer-steeg-bitcoin-75-na-dit-signaal/
