On-chain data shows a 13% rise in retail demand over the last 30 days, a notable increase that mirrors the retail interest seen in March 2024, just before Bitcoin reached its latest all-time high. Retail on-chain activity returns after 4 months "In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.” – By @caueconomy Full post 👇 pic.twitter.com/jHGzjUBgII — CryptoQuant.com (@cryptoquant_com) October 22, 2024 At the time of writing, Bitcoin is trading at $67,000, having traded between $65,161 to $67,538 in a 24-hour range and $65,441 to $69,227 in a seven-day range. Interestingly, Bitcoin is only about 10% away from surpassing its all-time high once again.
Notably, the data for Bitcoin whales shows the number of addresses in this category is now at its highest point since the January 2021 bull market levels. With Bitcoin still trading close to its all-time high, this new whale milestone brings into question a better chance of Bitcoin breaking above and creating a new all-time high very soon.
Whale accumulation leading up to the previous highest level in January 2021 was one of the key factors that drove the Bitcoin price to peak above $69,000 in 2021. Although the Bitcoin price has now broken above this previous peak to create an all-time high of $73,737 in March 2024, the same accumulation pattern appears to be unfolding.
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