He bitcoin-will-climb-30-after-etf-approval-analyst/” rel=”nofollow”>flagship cryptocurrency, bitcoinappears to be cooling after months of experiencing a resurgence in the wake of the bitcoin Spot ETF possible rumors of approval. This has raised concerns that the rally could be over, a theory that is fueled by the recent action of the bitcoin-whales-quietly-buy-market-panics-plunge/” rel=”nofollow”>largest holders of the crypto token.
bitcoin Whales Offload Some btc Holdings
in a mail on its platform X (formerly Twitter), crypto analyst Ali Martínez highlighted a report from Santiment market intelligence platform, which showed that bitcoin whales had sold around 50,000 btc over the past week. This has raised eyebrows as many speculate why these whales are dumping some of their bitcoin holdings.
Coincidentally, these sales follow a similar trend by institutional investors to that of CoinShares. latest weekly report He noted that there were small fund outflows from digital assets last week. These funds are said to have experienced an outflow totaling $16 million. However, if we go by the asset manager's report, then there should be no cause for concern.
CoinShares mentioned that the observed outflows from digital asset investment funds are more likely related to profit taking than a change in sentiment. As such, one could also assume that this is the sentiment among whales that sparked this recent bitcoin sell-off. This is also very plausible, considering that Santiment recently reported that 89% of the total btc supply is in profit.
Meanwhile, btc is experiencing an influx of investors, as Santiment reported that the number of non-zero bitcoin addresses stands at 916.8 million. Many seem to be looking to get in the flagship cryptocurrency as the approval of a bitcoin Spot ETF looms and the btc halving nears.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Whales-Sell-50000-BTC-Worth-22-Billion-Is-The" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
btc price at $43,600 | Source: BTCUSD on Tradingview.com
btc will surpass $50,000 by the end of January
While btc appears to be cooling, there is reason to believe that the rally is not over as it could surpass $50,000 by the end of January 2024. crypto-subsidiary-matrixport-seeking-to-raise-40m/” rel=”nofollow”>crypto-financial services company Matrixport predict that this will happen at the back of the SECOND approving the Spot bitcoin ETF Pending Applications.
Matrixport noted that they drew parallels with historical cases when making this price prediction. One such case is the launch of CME Group's bitcoin futures in 2017. bitcoin is said to have surged by 196% in a period of six to seven weeks since the launch occurred. They hope something similar will happen again.
The company also expects bitcoin to continue to explode before the end of the year. This prediction is also based on historical patterns as they noted that btc historically sees a price surge between Christmas and New Years. Matrixport had previously predicted that bitcoin would reach $45,000 between November of this year and April 2024.
At the time of writing, bitcoin is trading at around $43,600, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image from CNET, chart from Tradingview.com
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