As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is the cryptocurrency market, I find myself standing at the crossroads once again. The price action of Bitcoin, the undisputed king of cryptos, has me intrigued and cautious in equal measure.
Bitcoin, symbolized as BTC, closed September on an optimistic note, suggesting a possible reversal in the coming days. The leading digital currency is aiming to rebound and use its 200-day Moving Average (MA) as a potential support level after experiencing a dip from around $65,600 to approximately $63,200 on Monday, largely influenced by the active futures market.
In the next few weeks, it’s anticipated that the fluctuation in Bitcoin values will persist, as there are growing predictions for a positive trend in the final three months of the year.
As an analyst, I’m observing that the current economic transition, propelled by the Federal Reserve’s recent interest rate reduction, coinciding with the approaching 2024 U.S. general elections, seems to be fueling a more optimistic perspective in the cryptocurrency market.
Furthermore, it’s expected that the value of Bitcoin will align with the price movements of gold, as its current price trend is being determined or discovered.
Based on predictions from well-known crypto analyst PlanB, it appears that Bitcoin’s price could potentially reach a new record high soon, following a period of consolidation between $60,000 and $70,000 over the past eight months. Historically, Bitcoin has shown stronger performance during the fourth quarter when it closes September with a positive market outlook.
Yet, renowned analyst Peter Brandt frequently advises traders to be wary of a possible swift Bitcoin selloff should it fail to regularly break through the July high of approximately $69,900.
Additionally, Bitcoin’s price has been stuck within a prolonged downward movement since March, with noticeable drops in both lowest points (lower lows) and highest points (lower highs) when observed on a weekly basis.
Looking at its technical aspects, it seems that Bitcoin’s price over a four-hour period may indicate an upcoming selloff within the next few weeks. This could be followed by a broader reversal towards bullish trends by the end of this year. If the current bearish trend in Bitcoin continues over the coming weeks, we might expect its value to fall back into the range of approximately $52,000 to $54,000 as a support level.
Don’t shoot the messenger. $BTC
— CrediBULL Crypto (@CredibleCrypto) October 1, 2024
Whale Investors Relentlessly Accumulate More Bitcoin
Based on recent data analysis from Coinglass, over 10,000 units of Bitcoin have moved off centralized exchanges within the last week. This reduction in supply has now reached a level not seen for several years, indicating increased demand and potential strong buying interest.
The significant drop in Bitcoin’s popularity on cryptocurrency exchanges (CEXs) can primarily be linked to an increased interest from U.S. spot BTC ETFs and big-time investors, often referred to as “whales.” Over the past four weeks, these U.S. spot BTC ETFs, with BlackRock’s IBIT at the forefront, have amassed Bitcoin valued at over $1.9 billion.
On Monday, the US spot BTC ETFs registered a net cash inflow of about $61 million, led by IBIT’s $72 million.
In the present time, companies like MicroStrategy Inc. (NASDAQ: MSTR) have been actively buying more Bitcoins in recent periods. Today, Japanese company Metaplanet Inc. (Tokyo: 3350) revealed that it has acquired an extra 107.93 Bitcoins, valued at over $6.9 million, making its current Bitcoin holdings approximately 506.75 BTCs.
It’s noteworthy that El Salvador is consistently adding 1 Bitcoin each day to bolster its cryptocurrency holdings.
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2024-10-01 11:49