Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes

Samuel Edyme

1 year ago

3 mins read

Is The Crypto Surge Over? Bitcoin Stalls at $72,000 As Investor Enthusiasm Wanes

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Recent reports from CryptoQuant analysts on the QuickTake platform highlight a notable decline in market sentiment across Bitcoin and altcoin investors.

According to Crypto Dan, a leading analyst at CryptoQuant, “After Bitcoin’s recent failure to breach the $72,000 mark, there is a noticeable cooling off of investor enthusiasm.”

Bitcoin Slump In Activity Signals Market Adjustment

Data reveals a significant drop in active Bitcoin addresses, signaling a reduction in transactional activity since peaking in March.

Bitcoin active addresses. | Source; CryptoQuant

This downtrend reflects Bitcoin’s recent price corrections and prolonged periods of sideways movement. Crypto Dan suggests that the sentiment among altcoin investors may be deteriorating even further, hinting that we may be nearing the end of a market adjustment period.

Weakening investment sentiment among $BTC & altcoin market participants

“After reaching a peak in March, it has decreased significantly due to #Bitcoin‘s correction & sideways movement over a period of three months.” – By @DanCoinInvestor

Link 👇https://t.co/4dUs6tzkCx

— CryptoQuant.com (@cryptoquant_com) June 12, 2024

In a similar vein, CryptoAsh, another prominent crypto analyst, shared insights via the social platform X, noting the absence of significant market-moving narratives that previously propelled massive rallies, such as ICOs in 2017, DeFi in 2020, and NFTs in 2023.

He stated, “Unless we see the ETH ETFs come into play, altcoins will likely continue declining against BTC. However, this period could represent an optimal time for strategic accumulation.”

Signs Of Recovery Amid Market Turbulence

Despite recent challenges, there are emerging signs of recovery within the crypto market. Following the US CPI’s latest report indicating slowed inflation, Bitcoin experienced a 4.7% increase over the past 24 hours, adjusting its price to $69,573.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Adding to the complexity of the market dynamics, a recent analysis by CryptoQuant analyst Abramchart revealed significant Bitcoin acquisitions by whales during recent price dips, suggesting that large investors are actively increasing their holdings.

Bitcoin inflows to accumulation addresses. | Source: CryptoQuant

Meanwhile, the broader altcoin market has shown resilience, with the total market capitalization climbing from $1.038 trillion to a 24-hour peak of $1.108 trillion. Leading altcoins like Ethereum, Solana, and XRP have posted gains of 5.2%, 8.7%, and 4.7%, respectively.

A report by analyst Burakkesmeci pointed to a substantial Ethereum outflow from Coinbase, marking the largest withdrawal this year and hinting at possible large-scale institutional activity.

These transactions, often involving sums between $400 million to $1.1 billion, underscore a potentially bullish outlook for Ethereum, especially in anticipation of new developments like the trading of spot ETFs.

The exact implications of these movements remain to be seen, but they are likely to significantly impact Ethereum’s price trajectory in the medium to long term.

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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