Bitcoin has been following a boring price movement for the past six weeks. During the last three weeks, it has adopted a new pattern where the price drops sharply on a day and then goes sideways throughout the week. But the last week was a bit different where the price made a sharp upside move before going sideways.
Some analysts believe that the boring price movement is usually an indication of sharp upside momentum. The following Bitcoin news may highlight some facts about where Bitcoin’s price may move in the near future.
Key Takeaways: –
- Bitcoin’s price movement has been boring but could indicate sharp upside momentum according to some analysts.
- Whales are accumulating more Bitcoin, suggesting a bullish stance on Bitcoin’s future, possibly in preparation for an upcoming bull run.
- Adam Back, CEO of Blockstream, predicts Bitcoin may reach an all-time high before the 2024 halving and has even bet on it.
The Reason Behind Bitcon’s Mysterious Price Movement
Bitcoin’s price has been making mysterious moves for the past three weeks. The price drops on a day but doesn’t continue the downtrend. In fact, it enters a long-sideways channel after the drop. Although there isn’t any immediate support on the chart, Bitcoin’s price is holding strong.
The latest data shows that the whales are continuously accumulating more Bitcoin and they haven’t cashed out their profits yet. It indicates that whales have a bullish stance on Bitcoin’s future. The upcoming halving event might also be the reason why whales are accumulating Bitcoin because the historical data shows that Bitcoin’s price increases with each halving event.
So, the whales are probably getting ready for the upcoming bull run. But it’s also worth noting that the crypto market is extremely volatile so investors must conduct comprehensive research before adding a new position.
Bitcoin’s Historic Price Movement
During the past month, Bitcoin’s price has dropped by 5.38%. Still, a few indicators are supporting the bullish stance on Bitcoin over the coming months. Bitcoin’s current price movement is pretty much similar to that of 2013-2017. So, analysts think that Bitcoin’s price may remain choppy during August and September.
But it will eventually lead to an upswing in October 2023. According to the historic data, Bitcoin may display a strong consolidation zone by the end of the year. And if the price kept following the historic price movement, Bitcoin may experience significant gains in 2024 and 2025.
Despite the recent price decline, whales and sharks are optimistic about Bitcoin’s price. The ongoing discussions about the Bitcoin ETF race may play a crucial role in bringing Bitcoin’s price above $30,000. Analysts are optimistic about the approval of the first spot Bitcoin ETF.
Bitcoin Price Prediction by Adam Back
Adam Back, the CEO of Blockstream, recently claimed in his tweet that he’s confident about Bitcoin’s price reaching an all-time high before the 2024 halving. He’s so confident that he even agreed to bet one million satoshis (worth $290 currently) with another Twitter user. The bet amount will be worth $1,000 if Bitcoin reaches the $100,000 all-time high before the 2024 halving.
The deadline for the bet is a month before the halving event. The comments under the tweet also show that more investors are currently bullish on Bitcoin’s price. It’s also worth noting that Back previously predicted that Bitcoin’s price may reach $10 million by the sixth halving in 2032.
Michael Saylor’s Opinion about Bitcoin ETFs
Michael Saylor, the chairman of MicroStrategy, has stated that Bitcoin ETFs will bring billions of dollars in investments to the crypto market. However, it won’t harm the performance of MicroStrategy and the company will remain the preferred choice for investors even after the approval of an ETF.
But the ETF approval will benefit the companies that are holding Bitcoin and MicroStrategy will be one of the leading beneficiaries in this category. The company is planning to add more Bitcoin tokens to its current reserve of 4.5 billion worth of Bitcoin. MicroStrategy has outperformed Bitcoin since its adoption of the Bitcoin strategy.
These Factors Can Lead to Another Bitcoin Rally
Recent research shows that Bitcoin’s recent 90-day performance has similarities to the levels observed in 2017. So, it may be an indication of a significant price movement. The hash rate on the blockchain has also decreased which also supports a potential upward trend and price reversal.
Moreover, the selling pressure has also decreased recently which shows that more investors are holding the tokens. Federal Reserve’s interest rate hikes are also supporting a price increase in Bitcoin. However, the performance may be affected by regulatory concerns.
Bitcoin Weekly Technical Analysis
Although Bitcoin’s price increased sharply on Tuesday last, it kept making lower lows throughout the week. So, Tuesday’s move was probably a trap. And the price may break below Tuesday’s low. The daily chart has support around the $28,000 to $28,400 range. However, the support may break easily if the price breaks below Tuesday’s low sharply.
The overall weekly trend is still positive. So, it might be buying opportunity for investors if the price breaks below the support zone.
Bitcoin’s recent price movement hints at potential bullish momentum, with whales accumulating more and optimistic predictions from industry figures like Adam Back and Michael Saylor. Historical data suggests possible gains in the future, though regulatory concerns could influence performance.
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