As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed firsthand the wild swings and unpredictable nature of Bitcoin prices. The latest rally past $65,000 this week has been an intriguing development, fueled by strong inflows into spot Bitcoin ETFs and aggressive buying from institutional players and whales.
The cost of Bitcoin has surged past the $65,000 mark this week, fueled by robust investments in Bitcoin spot Exchange-Traded Funds (ETFs). Additionally, major institutional investors and significant Bitcoin holders, known as “whales,” have been actively purchasing during the early July price correction.
$100K Weekly Bitcoin Inflows
The CEO of CryptoQuant, Ki Young Ju, has pointed out a notable change in Bitcoin trading patterns. According to him, the volume and activity in over-the-counter (OTC) markets have surpassed those in centralized exchange markets.
According to Ju’s analysis, over 1,000 BTC worth of whale Bitcoin holdings – encompassing both custodial wallets and spot Bitcoin ETFs – have amassed approximately 1.45 million BTC during this year. Consequently, their total Bitcoin holdings now exceed 1.8 million BTC.
In the 2021 Bitcoin market surge, Ju reported that approximately 70,000 Bitcoins were accumulated over the course of the year. Currently, the consistent $100,000 weekly influxes in 2024 might pave the way for another significant price increase.
To provide more insight, Ju clarified that this is not a transfer of funds between existing large-sized cryptocurrency wallets. Instead, he noted an increase in the amount held by newer large-sized wallets, while the balance in older ones has remained unchanged.
BTC Price Action Going Ahead
Over the past two weeks, the price of Bitcoin has surged more than 20%, climbing from its low of $53,500 to reach a high of $65,500 this week. However, following this significant rise, Bitcoin is currently experiencing a minor pullback. At present, the Bitcoin price stands 1.5% lower at $64,581, with a market capitalization of $1.274 trillion.
Expert Analysis:
Based on On-chain College’s analysis, the Bitcoin market is experiencing a momentary downturn, dipping below the BTC Momentum indicator. This brief dip aims to weed out less committed investors, alter investor sentiment, and pave the way for another surge in price.
As a market analyst, I would recommend taking a short-term dip under the Bitcoin Momentum Indicator to sift out the less committed investors, readjust market sentiment, and prepare for the subsequent price surge.
The Bitcoin Show Goes On…
— On-Chain College (@OnChainCollege) July 17, 2024
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2024-07-18 08:29