Market intelligence platform IntoTheBlock says that new data shows Bitcoin (BTC<\/a>) is primed for a sudden breakout.<\/p>\n IntoTheBlock says<\/a> Bitcoin could easily retest the key psychological $30,000 level following a bullish event.<\/p>\n The firm\u2019s thesis is based on the amount of buyers of Bitcoin at the price range between $27,345 and $30,000.<\/p>\n \u201cBitcoin is back in the spotlight as Grayscale emerges victorious from its SEC lawsuit. The next milestone? $30,000. Our on-chain data reveals that 6.2 million addresses acquired ~2.6 million BTC between the current price and $30,000. These \u2018bubbles\u2019 are significant and could burst two ways.\u201d<\/em><\/p>\n IntoTheBlock says that approval of a Bitcoin exchange-traded fund (ETF) could spark strong bullish momentum sending the king crypto much higher. Some analysts believe<\/a> the odds of approval have increased after a court ruled that the U.S. Securities and Exchange Commission (SEC) must reconsider its rejection of Grayscale\u2019s application to launch a BTC ETF.<\/p>\n However, the firm warns that bearish sentiment could send Bitcoin abruptly downward if the buyers of BTC in the $27,000 to $30,000 range quickly sell to protect against losses.<\/p>\n Says IntoTheBlock,<\/p>\n \u201cBearish sentiment may trigger a rush to break even, adding to sell volume. However, if there is enough strong bullish momentum, for example, because of an ETF approval, Bitcoin could breeze through these roadblocks.\u201d <\/em><\/p>\n Bitcoin is trading for $26,500 at time of writing, down 2.3% in the last 24 hours.<\/p>\n Next, IntoTheBlock notices<\/a> a massive increase in long-term holders of the peer-to-peer payments network Litecoin (LTC<\/a>).<\/p>\n \u201cLong-term Litecoin holders are surging! Nearly 5 million addresses have held LTC for over a year, almost doubling the count from last year\u2019s 2.55 million. A clear sign of confidence from holders despite market conditions.\u201d<\/em><\/p>\n Litecoin is trading for $65.92 at time of writing, down 1.7% in the last 24 hours.<\/p>\n IntoTheBlock also looks<\/a> at which crypto projects have the most long-term holders.<\/p>\n At the top of the list is smart contract platform Ethereum (ETH<\/a>) with 73.9 million, followed by Bitcoin at 33.6 million.<\/p>\n ETH-rival Cardano (ADA<\/a>) is seeing a 170.4% increase in long-term holders for a total of 2.65 million, according to the firm.<\/p>\n Blockchain oracle Chainlink (LINK<\/a>) stands out for a 3% decline in long-term holders in the past year.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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