As a seasoned researcher with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear cycles. The current state of Bitcoin is reminiscent of some of the more challenging periods we’ve faced in the past. However, it’s important to remain objective and analyze the data before forming any conclusions.
Following a rejection at approximately $65,600 in recent weeks, Bitcoin‘s price has persisted in its multi-month bearish trend. On October 10th, during the early London session, the flagship cryptocurrency fell by over 2% within the last 24 hours, trading around $60,800, with a 24-hour volatility of 2.2%. As of now, its market capitalization stands at approximately $1.2 trillion, and daily volume amounts to around $28 billion.
With Bitcoin’s price testing the significant support at approximately $60,000, the altcoin sector experienced further declines, resulting in a 3% drop over the last day and a total market cap of roughly $2.22 trillion as this report was written. This downward trend led to about $161 million being withdrawn from the crypto margin market, primarily affecting long-term traders.
As an analyst, if Bitcoin’s price fails to recover from its current support, it might trigger another round of corrections among altcoins in the short term. Based on the predictions of seasoned trader Peter Brandt, Bitcoin could potentially plummet to around $48,000 in the near future before initiating a new bull run that aims for approximately $135,000 by Q3 of 2025.
For now, Bitcoin’s price is moving within a downward trending channel that started in March, but if we consistently see it closing above $66,000, we can expect it to reach its record high again by the end of this year.
Bitcoin Whales Flee Negative Volatility
After the HBO documentary that aimed to uncover the real identity of Satoshi Nakamoto, the Bitcoin market has seen a shift in sentiment towards negativity. Based on blockchain analysis, miners from Satoshi’s era, who haven’t been active for over 15 years, have started moving their Bitcoins to exchanges with the intention of selling them.
Over the past 30 hours, I’ve noticed a significant movement in the crypto market: Four large investors, or “whales,” have deposited approximately 1,500 BTC (worth around $92.95 million) back into Bitfinex, the exchange platform where they initially withdrew a total of 8,510 BTC in June and August. This could be an indication of their confidence in the market’s future performance or a strategic move to capitalize on potential price fluctuations.
As a crypto investor, I’ve noticed that on average, the whales (large-scale investors) have been accumulating cryptocurrency at an average price of around $64,434. However, when they started to sell off their holdings, they did so at a lower price of $61,965. At present prices, it seems that the whales may still be holding onto some of their investments, potentially waiting for more favorable market conditions before making further moves.
— Spot On Chain (@spotonchain) October 10, 2024
Based on findings from Spot On Chain’s on-chain analysis, it appears that four significant Bitcoin holders (often referred to as “whales”) who had amassed additional coins in June and August have recently transferred over 1,500 coins into their wallets within the past two days.
On Wednesday, the 21Shares Bitcoin ETF by ARK experienced significant outflows totaling over $44 million, making it the largest US spot Bitcoin ETF issuer to lose funds. Interestingly, only BlackRock’s IBIT saw a net inflow of approximately $13.8 million on that day, while the remaining issuers recorded no cash flow at all.
As a researcher examining recent cryptocurrency trends, I’ve noticed an intriguing development based on data from Coinglass. Over the course of the last 24 hours, the circulating supply of Bitcoin on centralized exchanges has risen by approximately 3,284 coins, with Binance appearing to be the primary driver behind this increase.
Market Picture
In the last seven months, the cryptocurrency sector has been strengthening its position. It’s anticipated that this industry could mimic Gold’s upward trend, showing signs of a strong price increase in the coming period. Moreover, the upcoming US presidential elections in 2024 are believed to spark a new wave of growth within the crypto market.
In its latest FOMC meeting, the Federal Reserve suggested more interest rate decreases may be coming soon. Meanwhile, international conflicts are causing investors to shy away from the bond market.
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2024-10-10 10:44