If this happens, the price of Bitcoin could skyrocket by 30% in the coming weeks.
Bitcoin (BTC) price, which surpassed $50,000 earlier this week, has consolidated between $52,500 and $51,700 over the past two days. The flagship coin has been under increasing buying pressure from deep-pocketed investors since a spot Bitcoin exchange-traded fund (ETF) was approved in the United States.
Bitcoin whales have acquired more than 100,000 Bitcoin worth $5 billion in the past 10 days, according to an analysis of on-chain data provided by market intelligence platform Santiment. Interestingly, Bitcoin miners only produced a maximum of 9,000 Bitcoin during the same period, indicating a huge supply relative to the demand shock.
Bitcoin price prediction for the next few weeks
Bitcoin’s price has surprised bears over the past few weeks, and analysts believe the bullish momentum could soon continue. A solid Bitcoin price above $50,000 this week will push the flagship coin towards the next psychological resistance level around $58,000.
With Bitcoin price against several global currencies already trading 2021 ATH, the US Dollar is no exception. Moreover, recent CPI data suggests that US dollar inflation is likely to persist for an extended period of time.
prevention signs
However, as public enthusiasm for cryptocurrency bull sentiment increases, a sudden market correction may occur. Additionally, short-term holders (STH) recorded their highest net realized gains since 2021, according to on-chain data provided by Glassnode.
Historically, Bitcoin price has reacted to sudden market corrections as short-term holders reach peak profit levels. If a sudden sell-off occurs in the coming weeks, Bitcoin could find solid support levels around $41,000.