Attorney John Deaton, known for his advocacy for XRP holders, has identified a bullish trend for the world’s largest cryptocurrency, Bitcoin. In his observation, the fact that around 80% of Bitcoin remains unmoved indicates that holders are not in a rush to sell their assets.

Deaton discusses the likelihood of Bitcoin soaring to $50K or even $75K, expressing intrigue regarding the percentage of unmoved Bitcoin if it reaches these price points. He shares on Twitter, “If nearly 80% of Bitcoin hasn’t moved, it might be a sign that people aren’t selling. Very interested to see what happens with that percentage at 50K and 75K.”

As the hesitance to sell persists, the proportion of the Bitcoin supply remaining inactive sees an increase. Crypto analyst Will Clemente shared a remark by Stanley Druckenmiller on June 26, indicating that 86% of Bitcoin owners who bought at $17,000 refrained from selling their BTC when prices tumbled to approximately $3,000.

Unmoved Bitcoin Supply and Market Movements

Adding to his earlier tweet, Clemente mentions that despite Bitcoin’s value approximately doubling from its low, a new record high for unmoved supply, not moved in at least a year, is set each day.

The previous week experienced a surge of spot Bitcoin ETF applications, spearheaded by BlackRock, the largest global asset manager worldwide. As a result, BTC jumped from $25,000 to over $31,000, marking new yearly highs.

On-chain analytics company Glassnode has observed that a stable equilibrium was achieved around the $26,000 mark prior to the price rally. This could signal a shift in investor psychology from the 2022 bear outlook, with breakeven levels seen as an opportunity to accumulate more rather than an exit point.

BTC’s Current Status and Future Predictions

At the time of this analysis, Bitcoin registered minor losses, yet still maintained above the $30K level. BTC traded slightly higher in the last 24 hours, standing at $30,226.

Maintaining his optimistic outlook on Bitcoin’s price, Deaton raised a question to his Twitter followers recently: could Bitcoin’s market valuation someday reach half of gold’s? If this happens, Deaton suggests Bitcoin’s price could climb to $300,000, nearly a tenfold increase from its present value.

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In a recent development, John Deaton, the lawyer renowned for representing XRP holders, has made an intriguing move. Amid the impending legal battles of Binance and Coinbase with the United States Securities and Exchange Commission (SEC), Deaton is gearing up to represent these two exchanges’ users by planning to file an amicus brief.

Using Twitter as his communication platform, Deaton revealed his position on the unfolding Ripple v. SEC lawsuit and its parallels with the charges against Binance and Coinbase. Despite not being an advocate for Ripple Labs as a company, he assured he will neither support nor work against Binance and Coinbase.

He highlighted the incongruity in the SEC’s actions, which first greenlit Coinbase’s IPO more than two years ago and now seems to be reneging on its initial support. He believes this shows the SEC is not acting in the best interests of the platform’s users.

Deaton further stated that he doesn’t expect either of the two exchanges to defend their customers directly, but rather focus on their own products. He pointed out the SEC’s lack of attention towards the best interests of retail crypto holders. He shared, “The SEC has an agenda,” highlighting his skepticism about the regulator’s actions.

Plan of Action Amid Legal Challenges

While the case against Coinbase and Binance has not yet reached the court stage, there’s a probability it will shortly. Anticipating this, Deaton has already begun collecting details from interested Coinbase and Binance users who wish to be represented. He assured that all information gathered would remain anonymous and would not be shared with anyone unless court-mandated.

Over the last couple of years, Deaton has earned recognition for his involvement in the Ripple case. His analysis and representation of over 75,000 XRP holders showcase his dedication to representing crypto users’ interests. With this move, he seeks to bring that same dedication to the users of Binance and Coinbase.

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