Bitcoin (BTC) has sent a “positive signal” from retail investors, data shows.

Bitcoin (BTC) retail on-chain accounts are showing a growing interest in buying the cryptocurrency at current prices. This metric has surged over the last few weeks, already increasing by 7%, which analysts interpret as a positive signal.

Amid the prolonged decline in Bitcoin (BTC) prices, demand from retail investors with accounts up to $10,000 is rising, according to macro analyst Axel Adler. This critical metric for BTC price prediction has seen a 7% increase compared to the local bottom in May. Adler notes that while it’s too early to predict a full recovery, the interest from retail investors is a positive sign.

According to Adler’s chart derived from CryptoQuant’s data, the dynamics of retail account interest might correlate with potential price movements. The peak of retail demand was registered in mid-Q1 2024, shortly after Bitcoin (BTC) reached an all-time high above $73,738 on March 14, 2024.

Adler also highlighted that the first cryptocurrency rally will resume as crypto whales are keen to reinvest their gains. Yesterday, Bitcoin (BTC) dropped below $65,000, reaching mid-May levels. As of the latest update, the largest cryptocurrency is trading at $64,262 on major spot exchanges.

Proper Bitcoin (BTC) Recovery Yet to Come, Says Willy Woo

Seasoned analyst and Bitcoin proponent Willy Woo is confident that BTC’s price rally is yet to come. He analyzed the hashrate dynamics and predicted the capitulation of inefficient miners. Woo pointed out that historically, miners with outdated and cost-ineffective hardware exit the market after halving events.

As the market matures and Bitcoin’s (BTC) net hashrate increases, this time, the long-anticipated miner capitulation has lasted longer than usual. However, Woo believes that the end of this process, which has been ongoing for over 60 days, will signal the start of the next phase of the BTC rally.