As a seasoned crypto investor with several years of experience under my belt, I’ve learned to read between the lines when it comes to Bitcoin price analysis. Over the past two weeks, I’ve witnessed firsthand the notable drop in volatility and stabilization of Bitcoin within a narrow range. This sideways movement has led to widespread market uncertainty, but as someone who’s been around the block a few times, I see this as an opportunity rather than a cause for concern.
Over the last fortnight, Bitcoin‘s price exhibited a decrease in volatility, hovering between $71,500 and $66,500. This prolonged period of sideways movement has sparked market apprehension, causing significant corrections or consolidation among major altcoins. Nevertheless, the escalating inflows into Bitcoin ETFs and growing whale activity indicate a bullish trend. Consequently, there’s a strong possibility that Bitcoin will exceed its previous peak of $73,800 based on these indicators.
Bitcoin Price Analysis: Is Rally to New High Imminent?
Bitcoin, the foremost digital currency, started a new upward trend in May, bouncing back from a slump to $56,000. This bullish revival increased Bitcoin’s value by nearly 26%, with its price currently at $71,211, and its market capitalization reaching an impressive $1.4 trillion.
Based on robust trading activity and continuous investments in Bitcoin ETFs, this price surge signifies a durable expansion trend. As of June 6, 2024, Bitcoin ETFs recorded net inflows amounting to $218 million – marking the eighteenth consecutive day with positive flows. This uninterrupted series represents an unprecedented feat, symbolizing solid investor faith and enthusiasm towards Bitcoin ETFs.
As a crypto investor, I’ve noticed some interesting movements in the daily inflows and outflows of two popular cryptocurrency exchange-traded funds (ETFs): BlackRock’s iShares Bitcoin Trust ETF (IBIT) and Grayscale Bitcoin Trust ETF (GBTC). In the past two trading months, IBIT recorded its largest one-day inflow of $350 million. On the other hand, GBTC experienced another outflow following two consecutive days of inflows.
As a researcher studying the cryptocurrency market, I’ve observed a significant resurgence in the interest of Bitcoin among large investors, or “whales.” Based on an analysis brought to my attention by CryptoQuant, these whales are now exhibiting strong buying power once more.
#Bitcoin: The whales’ appetite for buying has returned strongly
“With renewed vigor to purchase, they’re coming back. This signifies that the present prices are just right for acquiring more goods.”
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— CryptoQuant.com (@cryptoquant_com) June 7, 2024
According to the graph from CryptoQuant, the amount of Bitcoin held by large investors (whales) and the percentage change of their holdings month over month is depicted. Notably, there has been a noticeable surge in whale activity indicated by this data. This upswing implies that present Bitcoin prices are considered attractive for purchasing and amassing.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development in the bitcoin price trend. Specifically, there has been a 0.7% increase on the day, which positions the BTC price tantalizingly close to breaking through the resistance trendline in the daily chart. This line forms the upper boundary of a flag pattern, suggesting a potential bullish continuation if the overhead barrier is breached. If this continuation pattern holds true, it could indicate that buyers are ready to overcome this resistance and signal the continued advancement of the ongoing rally.
After a significant price increase (breakout), Bitcoin’s value might surge towards $90,000. Subsequently, a prolonged rally could potentially push the price up to $137,000.
Technical Indicator
- Exponential Moving Average: The BTC price witnessing dynamic support from the 20-day EMA slope indicates a high momentum rally in action.
Average Directional Index: An uptick in the daily ADX slope at 25% indicates the recovery is far from exhaustion and buyers could lead a prolonged rally.
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2024-06-07 18:22