Despite already having more bitcoin More than half of the crypto community, numerous btc whales continue to rapidly acquire the cryptocurrency. Therefore, take advantage of any slight drop in its price as btc/bitcoin-price-correction-68800/” rel=”nofollow noopener” target=”_blank”>buying opportunities to buy and HODL The pioneer cryptocurrency.
Whales' appetite for bitcoin continues to grow
Generally, it might seem that bitcoin/bitcoin-1-2-million-btc-spree/” rel=”nofollow noopener” target=”_blank”>investors with minimum amounts of bitcoin They would be the ones who would increase their holdings by acquiring more cryptocurrencies. However, recent data from CryptoQuant has x.com/cryptoquant_com/status/1777747704170635382?s=46″ rel=”nofollow” target=”_blank”>He suggested Otherwise, it indicates that the current demand for bitcoin has actually strengthened from large-scale investors.
According to the on-chain analytics provider, The growth of btc demand has been the highest ever recorded, at 11% month over month. An important part of this demand comes from bitcoin whaleswho have been accumulating the token at a rapid pace.
Julio Monero, head of research at CryptoQuant x.com/jjcmoreno/status/1778092192835268829?s=46″ rel=”nofollow” target=”_blank”>revealed In a recent blog post that btc bitcoin/bitcoin-halving-no-longer-driving/” rel=”nofollow noopener” target=”_blank”>Growth in demand from large holders. has been one of the main catalysts that has caused price increases in the cryptocurrency. The report indicates that the appetite for bitcoin among these whales has increased to unprecedented levels. emphasizing the high value and acceptance of this pioneering cryptocurrency.
Furthermore, with the bitcoin/bitcoin-halving-2900-blocks/” rel=”nofollow noopener” target=”_blank”>bitcoin Halving Event Approaching quickly, the buzz around the cryptocurrency's future prospects has been growing steadily. The cyclical halving event could be one of the possible reasons for Big investors show an insatiable thirst to acquire the cryptocurrency, since many crypto investors and analysts anticipate a bullish outlook for btc following the halving event.
crypto Analyst Reveals Next btc Price Target
On Tuesday, April 9, popular crypto analyst Ali Martinez x.com/ali_charts/status/1777249436202082387?s=46″ rel=”nofollow” target=”_blank”>foretold that bitcoin could witness a rise to a new all-time high once it successfully surpasses $70,800.
Sharing a price chart that illustrates btc/bitcoin-price-reclaims-66k/” rel=”nofollow noopener” target=”_blank”>btc price movement Based on a technical pattern, Martínez expressed enthusiasm for a possible bullish breakout of the cryptocurrency. The crypto analyst revealed that if btc could maintain a price above $70,800, the cryptocurrency's next target could become $85,000.
In addition, the Santiment market intelligence platform has revealed that possible declines in the price of bitcoin are currently considered as “dip buying opportunities”, while panic remains high to justify a possible recovery.
At the time of writing, bitcoin is trading at $70,895, reflecting a 24-hour daily increase of 2.84% and a weekly increase of 6.94%, according to CoinMarketCap. The cryptocurrency has already successfully crossed Martinez's $70,800 threshold, however, it remains to be seen if bitcoin can effectively maintain its new price, to potentially rack up gains of up to $85,000.
x/9UXALaoB/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price still above $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
