Cryptoanalyst Michaël van de Poppe believes that a break out past $51k will result in further upside moves, stating in a Youtube update:
“The moment that Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000,”
He added that if this happens, Altcoins, which this week have gained considerably, may lose out heavily against BTC. At the time of post, the ETH/BTC pair was consolidating prior gains, barely up 1.81% on the day.
On-chain data is showing more and more similarities to mid-and late-2020 — the launchpad for Ethereum and Bitcoin bull market. Glassnode noted ”After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.” Stating:
“On-chain activity on both chains has remained quiet relative to bull market highs, even as price momentum continues upwards, and bullish trends in supply dynamics remain in play. Notably, current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020,”
IntoTheBlock’s shared insights indicate a comeback of BTC whales and institutional players as the number of large transactions on the network with a value of $100,000 or greater continues to grow.