In simpler terms, analyses of Bitcoin‘s price trend by market experts present contrasting views. For instance, Ali Martinez, a well-known crypto analyst, raised concerns as he spotted a sell signal on the Bitcoin price graph and suggested that a drop in BTC could be imminent.
Will Bitcoin Plunge Below $65,500?
In a recent post on X, Martinez warned about an impending sell signal on Bitcoin’s 12-hour chart using the TD Sequential indicator. He also reminded readers to be careful and stressed the importance of Bitcoin staying above $65,500. If Bitcoin fails to hold this level, there could be a major price drop.
Instead of Martinez’s caution, Woo, another experienced Bitcoin analyst, presented a more hopeful viewpoint. He highlighted an important achievement in Bitcoin’s monetary inflation rate falling below that of gold. Furthermore, Woo pondered over the possibility of Bitcoin’s market capitalization surpassing gold’s, in line with the stock-to-flow theory.
Although Woo remained optimistic about Bitcoin’s future, he also recognized that its adoption process takes time. He pointed to elements like reliable custody solutions, regulatory understanding, and institutional approval as crucial influences shaping Bitcoin’s worth in the long run.
In simpler terms, the buzz around Bitcoin’s price fluctuations has been heightened by the return of significant ETF investments. After the Bitcoin halving on April 19th, the production of new Bitcoins per day was decreased to approximately 450 coins.
Bitcoin ETFs have become significant buyers in the market, purchasing more Bitcoin each day than is mined new. This trend reached a peak with three consecutive days where ETFs bought over 100% of the newly-mined Bitcoin following the halving event. Since last Friday, these ETFs have purchased an additional 2,177 Bitcoins, intensifying the market’s supply shortage.
Without subtracting the Bitcoin transferred out from the Grayscale Bitcoin Trust (GBTC), the investment represents approximately 4,468 Bitcoins. This significant increase in institutional buying may trigger a rise in Bitcoin’s price in the coming days. Consequently, this surge could help prevent a possible price decrease.
Bitcoin Price Fails To Sustain $67,000
Recently, the cost of a single Bitcoin exceeded $67,000 but couldn’t sustain its rise. Currently, the Bitcoin price shows a slight increase of 0.63%, trading at $66,484.01. The market capitalization of Bitcoin reached an impressive $1.31 trillion on April 24. Nevertheless, the 24-hour trading volume saw a significant drop of 4.21% to $23.85 billion.
In the current market bounce back, short sellers led the way in liquidation with approximately $11.46 million worth of transactions over the past 24 hours. Conversely, long positions resulted in significant liquidations amounting to around $8.81 million. As a result, there is a standstill situation as both long and short position holders engage in intense competition.
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2024-04-24 15:13