Bitcoin Weekly News

Are Whales Accumulating Bitcoin?

Most investors have become tired of Bitcoin’s choppy price moves. Bitcoin makes a sharp move for a day or two and reenters a long sideways channel. But if someone looks at the bigger picture, they can see that Bitcoin hasn’t broken out of its sideways channel since 10 April 2023.

Investors need to look at the bigger picture to understand what’s going to happen in the future. The following Bitcoin weekly news updates might also help with making a better analysis.

Can 2024 Halving Push Bitcoin’s Price to $400,000?

Blockware Solutions has shared Bitcoin’s analysis saying that its price may reach $400,000 following the 2024 halving event. The analysis highlights the increased buying activity along with the reduced sell-off pressures. The report suggests that Bitcoin may experience an unprecedented price surge following historical price patterns.

Blockware Solutions has predicted that Bitcoin’s price will potentially reach $420,000 after the halving if it could reach $35,000 before the event. The report even predicts that Bitcoin has the potential to reach the market capitalization of gold. Bitcoin’s price trajectory and adoption are directly influenced by its decentralization, fixed supply, and transparency.

Bitcoin’s bullish outlook is associated with the miner sales that will significantly reduce in 2024. Although the mining rewards will be reduced after the halving event, it will still be one of the most useful options for accumulating Bitcoin.

Importance of Grayscale’s Decision

A U.S. Court of Appeals panel has denied the rationale of the SEC that they presented for denying a Bitcoin ETF. The court criticized the agency for the weak arguments that it used against different Bitcoin-related ETFs. It’s considered to be beneficial for the crypto market. Therefore, Bitcoin’s price jumped significantly following the decision.

It shows that companies can reach out to the court system if the SEC doesn’t follow proper practices. Similarly, they can bring their cases to Congress to find a reasonable solution. The approval of a Bitcoin ETF can pave the way for more investors. The court’s ruling has also raised questions about the SEC’s approach to the crypto space.

Bitcoin’s Hashrate Has Reached a New All-time High

Bitcoin’s hash rate reached a new all-time high on August 17. Hash rate presents the computational power of the network. Although Bitcoin’s price is struggling to move upward, the hash rate has been increasing rapidly since the mid-2021 market rally. On August 22, the network’s difficulty rate also reached a new high.

Therefore, it’s now creating more challenges for the miners. A recent study shows that the cost to mine a single BTC has now reached around $45,877. It means the miners are losing $19,500 for mining each Bitcoin because Bitcoin is currently trading at a price of $26,000. Publicly traded Bitcoin mining companies have also shown losses during the past year.

Some companies have even sold their stocks to handle the losses during the bear market. This choppy price movement of Bitcoin has even affected BlackRock because they hold shares in several mining companies like Cipher Mining, Riot Blockchain, TeraWulf, and Marathon Digital.

Investors are Concerned About the US Core PCE Price Index

Following Grayscale’s victory against SEC, Bitcon’s price jumped to $28,100. However, the price later dropped to $27,300 because the investors didn’t show sustainable interest due to the upcoming release of the US Core PCE Price Index.

The reason why it’s considered important is that it’s an important representation of inflationary measures. The interest rate will potentially increase if the inflation rate is above the expectation. However, a lower increase will help reduce inflation. Most investors think that Bitcoin’s price is closely tied to the Core PCE data.

Therefore, they’re waiting for the reports before entering the market.

Bitcoin Adoption Grows in Argentina

Argentina is currently experiencing severe economic challenges with a high inflation rate. Therefore, Bitcoin’s adoption rate has significantly increased in this country because the citizens are trying to protect their assets from the effects of inflation. Another major reason for the increased adoption is the success of presidential candidate Javier Milei because he also supports Bitcoin.

However, it’s worth noting that the adoption rate is decreasing in El Salvador due to price instability. Similarly, the banks in both countries are reluctant to fully embrace Bitcoin.

Awakening of Another Bitcoin Giant

A Bitcoin giant has recently moved 1,178 BTC tokens from seven different addresses. The addresses have been inactive since July 2017. Although Bitcoin price has experienced a significant decline during 2022, this Bitcoin giant is still in profit because he had acquired these tokens at discounted rates.

He had invested around $3.38 million dollars to obtain these BTC tokens which are now worth $30.71 million.

Bitcoin Weekly Technical Analysis

Bitcoin Weekly Updates

As discussed earlier, Bitcoin has been struggling in a sideways channel since April 14. The weekly technical chart shows the formation of a rising parallel channel. But the channel will be confirmed once the price makes a new high for the third time.

After the confirmation, Bitcoin will potentially reach the $19,000-$20,000 range if the price breaks below this channel. However, the channel is still under development. So, it’s important to wait for the confirmation before getting in.


Bitcoin’s recent price stagnation and fluctuations may have led to weariness among investors, but examining the broader context reveals potential for significant developments.

Anticipations of the 2024 halving event driving Bitcoin’s value to unprecedented heights, alongside positive regulatory shifts exemplified by the U.S. Court of Appeals decision, indicate a changing landscape. Despite challenges such as increased mining costs and economic uncertainty, the cryptocurrency remains resilient, finding traction in regions like Argentina.

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