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Bitcoin (BTC) Looks Set to Clear $30,000, Here’s Why

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Investor interest in Bitcoin has heightened amid turmoil in the Banking sector. A closer look at the on-chain metrics reveals that whales and long-term holders are now positioning for $30,000 BTC.

Since the recent profit-taking trend on March 7, the average age of Bitcoin consumed has declined considerably.

Bitcoin Long-Term Holders Positioning for More Gains

Bitcoin has consistently traded above $27,000 for most of the last two weeks. Turmoil in the banking sector appears to have recently reignited corporate and retail investor interest in Bitcoin.

Signature bank and Silicon valley bank suffered bank runs, while a 166-year-old Swiss bank, Credit Suisse, also got bailed out in a dramatic turn of events in March 2023. Critical on-chain metrics reveal how renewed investor interest could accelerate the ongoing BTC price rally.

According to the blockchain forensics platform, Santiment, fewer long-held tokens are currently being traded on the Bitcoin network.

Since the recent spike on March 7 to 24.58 months, BTC Age Consumed has declined to 2.78 months as of March 27.

Bitcoin (BTC) Age Consumed, March 2023. Source: Santiment

Age Consumed shows the number of tokens changing addresses on a certain date, multiplied by the time frame they were last moved. When Age Consumed values increase, it suggests that long-standing network participants are divesting from the underlying asset. Conversely, a persistent decline, as observed above, signals that long-term holders are increasingly banking on the future price prospects of the BTC.

Similarly, between Feb. 9 and March 23, a strategic group of whales added about 100,000 BTC to their holdings, worth approximately $2.5 billion.

After taking a profit around the $22,500 range around March 7, it appears that the whales have started accumulating BTC to position for more ga

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Author: Ibrahim Ajibade

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