Data from a recent Glassnode report, titled, “The Expulsion of Bitcoin Tourists,” suggests that investors, who are short-term holders, which Glassnode describes as “market tourists,” are finally done selling off their Bitcoin holdings, leaving only long-term investors holding and transacting the flagship cryptocurrency. This indicates that the market selloff has significantly slowed and Bitcoin is prime for a bullish movement, possibly to $25,000 according to experts.
As previously reported and also by Glassnode analysts, June saw Bitcoin have one of its worst-performing months in 11 years, with a loss of 37.9%. Glassnode further stated that activity on the Bitcoin network is at levels concurrent with the deepest part of the bear market in 2018 and 2019. The report stated, “The Bitcoin network is approaching a state where almost all speculative entities and market tourists have been completely purged from the asset.”
With this new information and the current push in the price of Bitcoin above $20,000 at the start of July, many analysts believe that the flagship cryptocurrency asset could hit $25,000 for the month, which would mean the market would reclaim its trillion-dollar status as fresh demand mounts into the market, as investors aim to take advantage of the current low prices compared to the start of the year.