As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that have shaped my perspective. The recent dip in Bitcoin’s price, while concerning for short-term traders, is not enough to sway my bullish sentiment.
The cost of Bitcoin (BTC) decreased by 1.66% over the past day, as it couldn’t exceed $102,000 on Friday. At present, it appears that Bitcoin is holding steady in a consolidation phase, with few signs suggesting its impending price direction. Nevertheless, recent large-investor activity hints at a sustained bullish trend.
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Bitcoin Whales Confident Of Future Rally With Rising Accumulation Levels
On a recent Quictake post over the weekend, analyst Darkfost from CryptoQuant drew attention to the activities of significant Bitcoin investors (whales) regarding specific price thresholds.
As a researcher delving into the intricacies of the cryptocurrency market, I’ve noticed an interesting pattern emerging: Market whales, or investors holding more than 1,000 BTC, have been consistently increasing their BTC accumulation when prices dipped between $95,000 and $99,000. This trend aligns with the findings of fellow analyst Ali Martinez, who recently reported that these Bitcoin whales purchased approximately 20,000 BTC, worth over $2 billion, following a flash crash on Friday.
As I delve into my analysis, I find an intriguing pattern emerging among BTC whales: they appear to have accumulated significantly when the asset was trading within a range of approximately $55,000 to $70,000 for over eight months. This accumulation pattern seems to have preceded its recent bull run in November.
Consequently, the rise in Bitcoin whale ownership within the $95,000-$99,000 range could establish this price bracket as a robust support level, potentially sparking another upward trend in the near to medium term. As per CryptoQuant’s data, Bitcoin whales are on the verge of controlling approximately 12 million BTC, which is a bullish sign suggesting growing investor interest and market optimism.
Parabolic Rise For BTC?
In related news, crypto expert Burak Kesmeci anticipates a significant surge in Bitcoin’s value, contingent on a specific event. By employing the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci has pinpointed two crucial price thresholds for Bitcoin. These are $100,000, a level Bitcoin has already surpassed, and $125,000.
The acronym BGRM stands for a comparison instrument that examines the cost of gold versus the cost of Bitcoin. Its primary function is to assess Bitcoin’s effectiveness as a store of value compared to gold, by pinpointing key levels of resistance and support.
As per Kesmeci’s analysis, the BGRM identifies $125,000 as a significant price point and possible boundary for further upward trends in Bitcoin. If Bitcoin manages to surpass this “potential double peak” region, it could lead to a dramatic increase in its price based on past trends, according to historical data.
Currently, Bitcoin (BTC) is being traded at approximately $100,130, marking a 0.50% increase over the past 24 hours. Nevertheless, the daily trading volume of this asset has significantly dropped by 56.67%, with a value of around $47.51 billion.
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2024-12-09 00:11