In a recent analysis of Bitcoin’s market trends, Dylan LeClair shared some intriguing insights on the behavior of the leading cryptocurrency. LeClair notes, “Every time BTC approaches a particular level, there’s a noticeable presence of a buyer. Additionally, with each of these approaches, significant volumes are recorded.”
While there might be some sideways movements in the shorter term, LeClair maintains an optimistic outlook on BTC’s potential trajectory. “If we evaluate the trend on timeframes exceeding one hour, the momentum appears to favor the bulls. Even though the current trend might feel stagnant, I’m confident that there’s potential for an upward surge,” he commented humorously.
Further emphasizing his stance, LeClair mentioned his trading position, stating, “I am long on BTC and also dabbling in multi-directional trades with altcoins.”
One of the most striking pieces of data shared was regarding the circulating supply of Bitcoin. LeClair pointed out, “Only around 11.69% of the Bitcoin in circulation has been traded over the last quarter. This marks a record low.” These numbers suggest that a significant portion of the supply is held by long-term investors.
LeClair concluded his observations by hinting at the latent potential awaiting a significant external trigger. “All that’s required now is a macro catalyst to ignite the next phase.”
To delve deeper into LeClair’s insights and market perspectives, visit his original post here.
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