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After mild-bearish pressure, Bitcoin’s (BTC) price soared above $31,000 on Thursday. On-chain data suggests Blackrock CEO Larry Fink’s recent positive comments triggered the bullish market movement. Can BTC soar toward $35,000 in the coming weeks?
During a Fox News interview on Wednesday night, Larry Fink called Bitcoin “Digitized gold,” which is resistant to inflation and economic swings of any country. By Thursday morning, BTC price soared 2% toward $31,500.
On-chain data analysis reveals another critical factor that could push Bitcoin to the $35,000 price target.
The market sentiment surrounding BTC has improved significantly this week. According to blockchain analytics platform Santiment, Bitcoin Weighted Sentiment sat around -1.12 at the close of June. However, by July 6, it witnessed a 24% improvement, trending upward to -0.9.
Weighted Sentiment gauges the general market perception surrounding a particular crypto asset. Essentially, it weighs the number of positive comments against the negatives.
The chart above shows that at the close of June, the BTC market sentiment was mostly pessimistic, with two negative comments drowning out each positive opinion.
However, given the 24% improvement shown in the chart above, Larry Fink’s recent positive comments seem to tilt the momentum toward the side of bulls.
If the bulls build on this momentum, BTC price has significant room for growth before hitting the next significant resistance.
BTC Miners Have Maintained a Long-term Bullish Stance
The bullish sentiment among BTC miners is another critical reason Bitcoin price has made a positive start to July. According to on-chain data, the miners have maintained an optimistic disposition throughout Q2 2023.
The IntoTheBlock chart below shows how the Miners’ Reserves have increased since the start of May. Between April 30 and July 6, the Miners increased their reserves by 20,000 BTC.
Miner Reserve evaluates the disposition among Bitcoin node validators by tracking real-time changes in the wallet balances of recognized miners and mining pools. When Miners add to their reserves, it indicates that they are anticipating future price gains.
The chart above shows that they have been despite the rise in mining costs, the Bitcoin miners have not been depleting their reserves.
As things stand the miners now hold 1.93 million BTC, roughly 10% of the total 19.4 million Bitcoin in circulation. Hence, the bullish sentiment among the miners weighs heavy on the BTC price.
If they continue to accumulate more of their block rewards, likely, BTC price soars higher in the coming weeks.
BTC Price Prediction: $35,000 on the Cards?
According to the In/Out of The Money Around Price data presented below, Bitcoin faces minimal resistance en route $35,000.
But to be confident of the bullish breakout, the bulls must clear the initial sell-wall around 32,350. At this point, the 170,550 addresses that bought 80,000 BTC at the minimum of $32,358 could trigger a mild reversal.
However, if the bullish momentum is strong, BTC could soar toward $35,000 before facing any major resistance.
Still, there’s a slim chance that the bears could regain control if BTC unexpectedly retraces below $30,000. But as proven over the last few days, the 1.48 million investors that bought 660,840 Bitcoin at the average price of $30,232 will likely hold firm.
But if that support level caves, Bitcoin could enter another bearish reversal toward $28,000.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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