Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook

Bitcoin (BTC) finds itself in a curious position, caught in a tug-of-war between the bullish conviction of whales (large investors) and the jittery hands of short-term holders. The world’s top cryptocurrency recently surged to within a hair’s breadth of its all-time high, fueled by a buying spree from whales. However, lurking beneath the surface are potential threats that could derail this rally.

Whale Appetite Increasing 

Big investors have been accumulating Bitcoin at an alarming rate, close to $1 billion worth per day according to some estimates. This insatiable appetite suggests a strong belief in Bitcoin’s long-term potential. Analysts point to this whale activity as a bullish indicator, fueling optimism that Bitcoin can break past its previous highs of around $71,000.

The sentiment isn’t isolated to the big leagues. Retail investors, the average person on the street, are also joining the party. The number of addresses holding between 0.01 and 1 BTC has increased, indicating a broadening of interest in the cryptocurrency. This confluence of whale and retail investor enthusiasm, representing millions of users, could propel Bitcoin to new heights.

Profit Taking And Short-Term Jitters

As the price climbs, a double-edged sword emerges – the MVRV ratio. This metric indicates how much profit holders are sitting on. With Bitcoin nearing its peak, the MVRV ratio has climbed significantly, suggesting many investors are now in profit territory. This profitability can be a blessing and a curse. The allure of locking in gains could entice some holders, potentially millions based on address growth, to sell, creating downward pressure on the price.

Related Reading: Cardano Bloodbath? Sell-Off Raises Fears Of Imminent ADA Price Drop

Bitcoin Miners Feeling The Squeeze

In a related development, Bitcoin miners are dedicating significant computational power to verifying Bitcoin transactions and are rewarded with newly minted coins. However, recent times have seen a decline in miner revenue, with some reports suggesting a drop from $53 million to $48 million in just a few days.

If this trend continues, miners may be forced to sell their Bitcoin holdings to stay afloat. This influx of additional coins on the market could further exacerbate selling pressure and hinder the current rally.


Bitcoin Price Prediction

Meanwhile, according to the latest Bitcoin price prediction, Bitcoin is expected to rise by 28%, reaching $89,300 by July 10, 2024. The market sentiment is bullish, supported by a Fear & Greed Index reading of 72, indicating strong greed. Additionally, Bitcoin has recorded 16 green days out of the last 30, showing a consistent upward trend with a 4.16% price volatility over the same period.

The high number of green days and manageable volatility levels suggest a stable market, reinforcing the bullish outlook. This environment appears conducive to further price increases, aligning with the prediction of a significant rise. The sentiment indicators and recent price performance both point to continued optimism among investors.

Featured image from Treehugger, chart from TradingView

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?
The post The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?...
READ MORE
default post thumbnail
Trump Pledges to End Biden’s ‘War on Crypto’ and Boost Bitcoin in America
The post Trump Pledges to End Biden’s ‘War on Crypto’ and Boost Bitcoin in America appeared fi...
READ MORE
post-thumbnail
Move Over Hulk Hogan and His Coin Shills: This New Meme Coin is the Talk of the Town
The post Move Over Hulk Hogan and His Coin Shills: This New Meme Coin is the Talk of the Town appear...
READ MORE
post-thumbnail
ETH Whales Bet Big on GORB: The Meme Coin of Summer 2024, Surpassing WIF
The post ETH Whales Bet Big on GORB: The Meme Coin of Summer 2024, Surpassing WIF appeared first on ...
READ MORE
post-thumbnail
Ripple vs SEC: SEC Accuses Ripple Over ODL Sales Mirror Past Violations
The post Ripple vs SEC: SEC Accuses Ripple Over ODL Sales Mirror Past Violations appeared first on C...
READ MORE
post-thumbnail
Polkadot And ICP Trending Down, As Holders Head To New 100x Altcoin To Recover Profits!
The post Polkadot And ICP Trending Down, As Holders Head To New 100x Altcoin To Recover Profits! app...
READ MORE
post-thumbnail
Altcoin Season Is Intact, Here’s a List of Top Three Coins to Stack for 10X Gains
The post Altcoin Season Is Intact, Here’s a List of Top Three Coins to Stack for 10X Gains appeare...
READ MORE
post-thumbnail
Top Analysts Recommend These 3 Memecoins for Your Portfolio As They Are Predicted To Pump 100x
The post Top Analysts Recommend These 3 Memecoins for Your Portfolio As They Are Predicted To Pump 1...
READ MORE
post-thumbnail
FLOKI Launches Major Campaign in Nigeria
The post FLOKI Launches Major Campaign in Nigeria appeared first on Coinpedia Fintech News FLOKI, th...
READ MORE
post-thumbnail
Robert Kiyosaki Urges Investors to Buy Bitcoin Despite High Prices
The post Robert Kiyosaki Urges Investors to Buy Bitcoin Despite High Prices appeared first on Coinpe...
READ MORE
Read more posts