A crazy prediction. Based on catalysts such as halving, or the growing interest in Bitcoin ETFs, Robert Kiyosaki predicts a rise in Bitcoin to $100,000 by June 2024. Also, he mentions hyperinflation which could have repercussions on Bitcoin.
On February 19, 18,000 BTC were withdrawn from the Coinbase platform, a movement which is part of a global dynamic of significant withdrawals since the end of 2020. Do whales continue to accumulate? Here is today’s newsletter!
The price of Bitcoin has stagnated for a week
Buyers and sellers are fighting beyond $50,000. For the moment, the price of Bitcoin does not choose no clear direction. In the end, BTC stagnated for a week :
In one month, BTC remains in 30% increase. The BTC/ETH pair stagnates in 24 hoursbut she drop of more than 6% in one week. The king of cryptocurrencies backs down in the face of the prince of crypto.
Whales take advantage of the distribution of small wallets to gorge themselves
The price of Bitcoin has recently touched $53,000i.e. an increase of 25% since the start of the year. Also, since the start of 2023, BTC has been increase of more than 200%. After such performances, some indicators are overheating, this is particularly the case for open interest. Also, as we approach the latest all-time highsome operators are vigilant. Indeed, according to Glassnode data, small wallets are currently selling off their precious BTC:
However, the entities with more than 100 BTC in portfolio continue to accumulate strongly. While the price of Bitcoin is in a crazy bullish momentum, the whales still do not take advantage of this to relieve themselves. We must not forget that these are entities that can have a significant impact on BTC and on cryptocurrencies in general. One element is certain, the volatility will be there !
Bitcoin price bounces once again off support at $50,500
For the moment, the BTC is locked within a range between the support at $50,500 and the resistance at $52,500. Yesterday, buyers once again had to defend support at $50,500 :
It will be necessary break resistance at $52,500 to be able to find the bullish primary momentum. Thus, a back to $57,500 would be possible. On the other hand, if sellers manage to push in the supportthe price could return to next support located at $47,500. For its part, the RSI evolves in a bearish dynamics under the bearish trendline. For the moment, the sellers have their hands on momentum. However, a break of the bearish trendline could bring bullish volatility.
As the halving approaches and the price moves beyond $50,000, whales continue to accumulate BTC. A behavior which is diametrically opposed to small portfolios which seem to be shedding. The price of Bitcoin oscillates between $52,500 and $50,500. The trend being bullish, we can legitimately bet on a period of accumulation. However, if the support is broken, sellers could take the price back to $47,500. While BTC stagnates, will altcoins like FLUX take advantage of this to continue their rise?
BITCOIN NEWS THAT COUNTS
- 18,000 BTC were withdrawn from the Coinbase exchange on February 19. BTC continues to leave Coinbase at an impressive rate since the end of 2020.