Bitcoin is recovering, Price may react: Last time it took 3 months! - Coin Bulletin

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The recovery in Bitcoin indicates that the price may receive a reaction, but according to analysts, it will take time, and this took 3 months last time.

According to the CryptoQuant analyst, the recovery in retail investor demand for Bitcoin could trigger price movements in the short term. Noting that retail investor demand for Bitcoin has rebounded, the analyst said that the 30-day demand change has risen to around 0%, which is the neutral level**, indicating that retail investors are starting to show interest again.

This recovery has previously slowed to around -21%, and the last time such a low level was seen was in 2021**.

CryptoQuant analyst pointed out that periods when retail demand recovered in the past generally overlapped with short-term price increases lasting a few weeks or months. Especially in July 2024, when demand change dropped by -19%, price response lasted three months after the recovery.

"If history repeats itself, it may still take time for a potential price reaction to materialize," the CryptoQaunt analyst said. Given the impact of retail investors on the market, this could create significant movements in the price of Bitcoin.

According to data from CoinGecko, Bitcoin is up 0.2% in the last 24 hours today and is trading at $95,996 at the time of writing.

BTC-1.06%
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