Despite Bitcoin‘s current prices being approximately 15% lower than their record highs, causing concern among some critics who anticipate further declines, a particular analyst is optimistic about Bitcoin’s future. They believe that Bitcoin will experience a significant rebound and potentially surpass its previous all-time highs.
According to X the trader, the price of Bitcoin has not surpassed the peak set by the Golden Ratio Multiplier, which is now at $79,591. He believes that this level acts as a resistance, and if it continues to hold, the target price will rise further over time.
Bitcoin Traders Need To Be Patient
Currently, Bitcoin (BTC) has been moving downward and may be entering a bear market based on its technical analysis. After significant declines on April 13, BTC has had difficulty regaining ground and is currently trading within a bearish pattern. The possibility of further price increases similar to those seen in Q1 2024 seems unlikely given the current market conditions.
Despite the fact that Bitcoin bulls have been quiet recently, the analyst maintains that the prices are still adhering to important milestones, even if they’re dropping below and taking more time to rise above them.
Traders generally anticipate that prices will continue to climb after March 2024’s significant increase. Yet, according to the analyst, traders should exercise restraint and be patient.
Based on recent developments in the BTCUSDT market, it appears that the price momentum is weakening, and there’s a noticeable decrease in trading activity. According to CoinMarketCap, the daily trading volume has remained relatively stable at around $46 billion.
The trading activity, represented by volume, has noticeably decreased since the coin reached its peak price of around $74,000 in mid-March.
Whales Are Keeping Off From The Market
According to IntoTheBlock’s parallel analysis, addresses owning a significant percentage (0.1%) of the supply have recently reduced their acquisition rate, intensifying the overall decrease in accumulation.
Based on a CoinDesk article, Bitcoin’s price took a dip on March 19. However, the downturn was short-lived as robust buying from whales occurred on March 20. According to IntotheBlock analysis, these large investors purchased approximately 80,000 Bitcoins, which in turn pushed prices back up above $71,000.
In simpler terms, monitoring whale activities (large investors or traders) in the financial markets can help determine the general mood and confidence of the market. Consequently, this information could influence the longevity of existing trends.
An increased presence of these entities might lead to significant price increases for cryptocurrencies, in turn boosting the entire market. Conversely, the absence of major players could indicate their belief in further price decreases.
Additionally, the sluggish rate of Bitcoin exchange-traded fund (ETF) inflows, as indicated by CryptoQuant data and other factors, suggests a potentially unfavorable outlook. In particular, inflows into Bitcoin spot ETFs have been minimal during the recent trading week. Among the eight available products, only IBIT, BlackRock’s offering, has seen any inflows.
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2024-04-16 21:04