- Bitcoin transactions hit a $25B yearly high with 367,000 BTC moved.
- BTC’s price rose to $69,374.17 on May 28, driving $25.5B in transaction value.
- Analyst Peter Brandt forecasts Bitcoin could reach $130,000-$150,000 by late 2025.
Bitcoin transactions hit a yearly peak on May 28, with more than 367000 BTC transfers, equivalent to more than $25 billion. This represents a considerable increase in the Bitcoin on-chain transaction value, which is useful for any trader to decide on trade positions.
On May 28, the value of Bitcoin’s Transaction amounted to more than 25 Billion US Dollars. This is the highest level of transactional activity that has been observed for the last year, proving the vigour of the Bitcoin market.
Bitcoin explorer Blockchain.com reported a substantial movement of about 367,000 BTC on May 28. While this figure falls short of the peak recorded on June 13, 2022, when over 519,000 BTC were transacted, the current spike reflects a bullish sentiment in the market.
Moreover, on May 28, the price of BTC rose to approximately $69,374.17, boosting the total transaction value to about $25.5 billion. Despite the slightly lower number of transactions compared to surrounding dates, such as May 26 and May 29, which saw over 850,000 and 700,000 transactions, respectively, the monetary value involved remained remarkable.
On May 28, #Bitcoin transactions hit a yearly high with over $25 billion moved, as approximately 367,000 #BTC were transferred on the #blockchain.
Despite the high transaction value, the number of transactions remained normal at 596,790, and the trading volume on #crypto… pic.twitter.com/UUKT4RPE4E— TOBTC (@_TOBTC) June 3, 2024
Expert Analysis
Bitcoin’s trading volume on crypto exchanges on May 28 was notably substantial, totaling $200 million according to Blockchain.com.
Meanwhile, renowned trading analyst Peter Brandt shared optimistic forecasts, suggesting Bitcoin could reach between $130,000 to $150,000 by August or September next year. Brandt drew parallels to previous post-halving cycles, noting Bitcoin’s historical market behaviours around halving events.
According to Brandt, previous bull markets aligned closely with Bitcoin’s halving dates, typically starting around 16 months before and peaking 18 months after. This historical data reinforces projections of sustained growth in Bitcoin’s valuation in the foreseeable future.
