The Bitcoin (BTC) network has experienced a significant uptick in high-value transactions, a phenomenon not seen in nearly two years. Crypto analyst Ali has highlighted this trend, noting 16,900 transactions, each exceeding $100,000.
This surge is a critical indicator of increased activity by Bitcoin whales – entities holding large amounts of BTC – and provides valuable insight into their strategic maneuvers in the current market landscape.
In the past 24 hours, #Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years.
The 16,900 large transactions serve as a proxy for $BTC whale activity, offering insights into how these major players might be positioned in the #crypto market. pic.twitter.com/CCnaoBOK0F
— Ali (@ali_charts) January 5, 2024
Bitcoin Recovery Following Matrixport Reports Saga
This flurry of whale activity arrives amid a backdrop of intensified market volatility. Bitcoin, the bellwether of the digital currency world, recently underwent a price correction, dipping below the $41,000 mark.
This downturn has been attributed to various factors, particularly the controversial report from Matrixport, which gave reasons why the US Securities and Exchange Commission (SEC) may reject several spot Bitcoin exchange-traded funds (ETFs) applications this month.
Despite these factors, Bitcoin has shown resilience as it has begun to regain ground, hovering around the $43,000 mark. The asset has demonstrated a 2.5% increase over the last week.
BTC To $50,000?
Several analysts have weighed in with predominantly bullish forecasts in the wake of Bitcoin’s recovery from the week’s earlier downturn. Dan Gambardello posits that Bitcoin might be on the cusp of “breaking out from a symmetrical triangle pattern.”
This technical formation, often characterized by decreasing volatility and converging trendlines, hints at potential price escalation. Gambardello asserts that this breakout could catapult BTC to the $50,000 mark, especially with the anticipated approval of a spot Bitcoin ETF.
A symmetrical triangle, recognized by its oscillating price movements between converging upper and lower trendlines, signifies a standoff between buyers and sellers. Should BTC shatter the upper boundary of this pattern, as Gambardello suggests, it may indeed embark on an unprecedented trajectory, surpassing critical resistance levels within its Fibonacci sequence.
Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!
Intro 00:00
Big Grayscale news 1:10
Bitcoin ETF final stretch 2:30
BTC price pressure building 3:15
$50k Bitcoin target 5:10
BTC attempting something it’s never done 6:30
Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO
— Dan Gambardello (@cryptorecruitr) January 4, 2024
Another voice in the chorus of bullish predictions is Adrian Zduńczyk, a renowned crypto trader. Zduńczyk shares an optimistic outlook, forecasting that BTC could reach new all-time highs following its upcoming halving event.
4/ With the 4th halving in mid April, $BTC can be a hot speculation topic, backed by the hopes of the ETF approvals.
Besides, BlackRock’s iShares $IBTC Bitcoin Spot ETF can set an example for many institutions to follow.
Trillions of dollars are estimated to flow into crypto. pic.twitter.com/vYQ2F6c36w
— Adrian Zduńczyk, CMT (@crypto_birb) January 1, 2024
Featured image from Unsplash, Chart from TradingView
