Crypto De Nostradame
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Bullish
Is Bitcoin Preparing for $100K?
The cryptocurrency market has turned its attention back to Bitcoin. Although the $BTC price has been trading sideways in the $75,000-$85,000 range in recent days, on-chain data is giving the footsteps of a quiet but strong rise.
According to Glassnode data, large investors holding 100 to 1,000 BTC, or “whales,” are currently buying more than three times the amount of Bitcoin produced daily. This aggressive buying behavior bears serious resemblance to the movements seen before past bull seasons. The similar accumulation process experienced before the 2020 rally in particular increases the importance of this movement
In addition, the increase in the amount of $BTC leaving the exchanges also supports this wave of buying. In other words, these investors are not only buying, but also withdrawing their Bitcoins from the exchange and showing their intention to store them for the long term. This reduces the selling pressure and shows that a supply shock is on the way.
Bitcoin price is currently at a technically significant breakout point. The 50-day and 200-day exponential moving averages are converging at $85,500. If $BTC manages to break this level in volume, targets of $90,000 and then $100,000 may begin to be discussed.
However, analysts state that if this level is not exceeded, a correction is also on the table. Especially if the price falls below $80,000, the uptrend may be interrupted in the short term. At this point, attention will be turned to the upper trend line of the wedge formation.
⚠️ Note: My posts are not investment advice. There may be errors due to translation. Please do your own review. You can also write your thoughts in the comments section.
❤️ Don't forget to follow me for developments. @Crypto De Nostradame
#TrumpVsPowell #BinanceAlphaAlert #BinanceLeadsQ1 #SolanaSurge #BinanceLaunchpoolINIT
The cryptocurrency market has turned its attention back to Bitcoin. Although the $BTC price has been trading sideways in the $75,000-$85,000 range in recent days, on-chain data is giving the footsteps of a quiet but strong rise.
According to Glassnode data, large investors holding 100 to 1,000 BTC, or “whales,” are currently buying more than three times the amount of Bitcoin produced daily. This aggressive buying behavior bears serious resemblance to the movements seen before past bull seasons. The similar accumulation process experienced before the 2020 rally in particular increases the importance of this movement
In addition, the increase in the amount of $BTC leaving the exchanges also supports this wave of buying. In other words, these investors are not only buying, but also withdrawing their Bitcoins from the exchange and showing their intention to store them for the long term. This reduces the selling pressure and shows that a supply shock is on the way.
Bitcoin price is currently at a technically significant breakout point. The 50-day and 200-day exponential moving averages are converging at $85,500. If $BTC manages to break this level in volume, targets of $90,000 and then $100,000 may begin to be discussed.
However, analysts state that if this level is not exceeded, a correction is also on the table. Especially if the price falls below $80,000, the uptrend may be interrupted in the short term. At this point, attention will be turned to the upper trend line of the wedge formation.
⚠️ Note: My posts are not investment advice. There may be errors due to translation. Please do your own review. You can also write your thoughts in the comments section.
❤️ Don't forget to follow me for developments. @Crypto De Nostradame
#TrumpVsPowell #BinanceAlphaAlert #BinanceLeadsQ1 #SolanaSurge #BinanceLaunchpoolINIT
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
93,769.75
-0.17%