Bitcoin (BTC) Targets $30,000 Now, IntoTheBlock Says, But There’s a Catch
A recently published tweet by the IntoTheBlock agency reveals data about what chances Bitcoin has to reach the $30,000 level and what may help it to happen.
The tweet reminded the audience that the flagship crypto BTC has again attracted a lot of attention on the market thanks to the recent victory gained by the Grayscale fund in court against the SEC regulator.
The next milestone for Bitcoin, IntoTheBlock stated, is likely the $30,000 level. According to the screenshot shared within the tweet, a staggering 6.2 million wallets bought roughly 2.6 million Bitcoin between the current price level of Bitcoin and $30,000. These green and red “bubbles,” IntoTheBlock stated, could move either way, pushing the BTC price up or making it move down.
If bearish sentiment expands in the market, it may “trigger a rush to break even,” increasing the sell volume of Bitcoin. Still, should bullish momentum strike and be strong, as in the possible case of a future Bitcoin spot ETF getting approved, Bitcoin may rush to the north, toward the $30,000 price mark.
Bitcoin is back in the spotlight as Greyscale emerges victorious from its SEC lawsuit. The next milestone? $30k. Our on-chain data reveals that 6.2M addresses acquired ~2.6M $BTC between the current price and $30k. These ‘bubbles’ are significant & could burst two ways:
Bearish… pic.twitter.com/EF2cJtjRx4
— IntoTheBlock (@intotheblock) August 31, 2023
Elon Musk refutes rumors of “X coin” — may be win for Bitcoin
Elon Musk, owner of the X app, formerly known as Twitter, has again rejected media rumors about X allegedly planning to launch its native token to use it on the platform.
Commenting on a tweet by “Dogecoin designer,” which said “𝕏 is not going to launch any 𝕏-coin. The team is focused more on making real money work on the app rather than some substitute currency,” Musk stated, “correct.”
Correct
— Elon Musk (@elonmusk) August 31, 2023
Still, Musk’s platform has secured licenses in at least half a dozen U.S. states for conducting crypto payments this year. The most recent one was acquired on Aug. 28 for the state of Rhode Island.
On Aug. 30, investor Jeroen Blokland posted a tweet commenting on the fact that Twitter Payments LLC received a license in yet another state. He assumed that X app intends to implement cryptocurrency payments. “While Elon Musk might be thinking about Dogecoin, I’m thinking about Bitcoin,” he added.
X (formerly known as Twitter;-)) wants to add a payment hub to the platform, including #crypto payments.
While @elonmusk must be thinking #Doge, I’m thinking #Bitcoin https://t.co/twOEabpTfR— jeroen blokland (@jsblokland) August 30, 2023