Market sentiment is currently intense, with increased whale activity causing a sudden influx of cash into the market. The price of Bitcoin surged as much as 3% over the weekend, reaching $48,600, a move rarely seen on a weekend.
This surge due to spot buying is indicative of positive market sentiment. In the last 24 hours, Bitcoin’s value has risen by more than 2.6%, marking a notable gain of 12% against the US dollar over the past week.
Prior to this rally, IntoTheBlock reported that 90% of BTC holders were currently profitable, reducing panic selling and fostering stable growth during the rally.
Bitcoin price rises to $48.6,000 amid whale activity and weekend surge
This upward trend had a ripple effect in the market. An investor made headlines after making a $13.5 million profit in less than four days through strategic Bitcoin trading, according to Lookonchain data. After initially withdrawing 2,742 Bitcoins worth $118.66 million from Binance when the Bitcoin price was $43,277, the investor then deposited the same amount of Bitcoin back into Binance at $48,193 per coin. It was deposited and is now worth $132 million.
The timing of these transactions indicates a well-planned strategy to turn the cryptocurrency crisis to investors’ benefit. Given the ongoing market trends and the potential for Bitcoin price increases, some wonder whether investors could have made more money by waiting.
However, experts like Ali (@ali_charts) remain optimistic, pointing to strong support for Bitcoin and the possibility of a surge to higher resistance levels around $57,000.
Mixed emotions and caution going forward.
According to Santiments, the buying spree by these big whales shows their confidence in the future of Bitcoin. These large build-ups in the past have been positive, suggesting that the market is about to ride another strong run. This surge in institutional activity coupled with bullish market sentiment is consistent with positive forecasts for the Bitcoin price, further fueled by the halving scheduled for 69 days later.
However, not everyone is convinced by the predictions, with warnings about potential volatility, as noted by prominent cryptocurrency analyst Rekt Capital. He believes there will be one more decline before the halving. This decline could occur around late March or April, depending on historical patterns.
Overall, despite some uncertainty, Bitcoin’s technical analysis offers hope. It’s solid around $42,600, which should help handle short-term ups and downs. Moreover, reaching $57,000 next time seems easier and presents strong upside potential if Bitcoin maintains its current pace.
BTC is now over 47K! Will we reach 57K before halving? what do you think?