A widely followed on-chain analyst says that one signal is pointing toward a possible burst to the upside for Bitcoin (BTC) this month.
Popular on-chain analyst Willy Woo tells his one million Twitter followers that the cost-basis analysis of Bitcoin is hinting at an upcoming rally for the top crypto asset by market cap in the month of June.
The cost basis is the price paid by investors to purchase an asset, which in this case is Bitcoin.
“Cost basis analysis showing upside looking better than downside.
Summer months are typically flat or bearish, but every June inside the re-accumulation phase has been bullish, we’re in one such window.
There’s a window for BTC to rip in June. My educated guess would be a week away for the opportunity to open. Let’s see.”
Meanwhile, Glassnode founders Jan Happel and Yann Allemann say that those currently attempting to short BTC are “desperate” and that their time would better be spent focusing on artificial intelligence (AI) and liquid staking derivative (LSD) altcoins.
“Looking for more reasons to short BTC is a sign of desperation. Time is better spent focusing on AI and LSDs driven alts.”
In a Swissblock post, Alleman and Happel say that they are anticipating BTC to shoot up to a $30,000 price tag after it stayed within the previously predicted range of between $26,000 and $27,500.
“Amidst numerous potential catalysts, such as the resolution of the U.S. debt ceiling and significant data releases, Bitcoin successfully held within the anticipated range. Presently, we find ourselves again navigating bullish territory.
The market sentiment is favoring optimism, and the risk perception has lessened, yet, we are still awaiting an increase in market participation and momentum to propel us toward the $30,000 target.”
Bitcoin is trading for $27,093 at time of writing, a fractional decrease during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney