2024-10-11 12:31 |
In a strong display of resilience, Bitcoin (BTC) maintained its position above the $60,000 mark Thursday amidst a week of speculation and mixed signals in the crypto markets.
Notably, the week began with heightened speculation surrounding an upcoming HBO documentary purporting to reveal the identity of Bitcoin’s enigmatic creator, Satoshi Nakamoto. Some analysts like Cryptoquant C.E.O warned that such a revelation could potentially bear bearish implications for the market.
Wednesday saw Bitcoin briefly dip to $58,900, touching a three-week low. However, traders quickly identified this as a buying opportunity, with the market narrative shifting back to bullish following the release of the US Consumer Price Index (CPI) report. The report suggested that expected rate cuts by the Federal Reserve remain likely, propelling Bitcoin back above the $60,000 threshold.
Yet, even as Bitcoin showed signs of recovery, some unsettling signals are beneath the surface. According to data from blockchain analytics firm Santiment, shared by popular crypto analyst Ali Martinez on Wednesday, “Bitcoin whales have sold or redistributed around 30,000 $BTC in the past 72 hours, totaling $1.83 billion.”
He noted on Tuesday that “$5.64 billion in Bitcoin realized profits have been recorded in the last 24 hours,” indicating significant profit-taking activity. This trend has been ongoing since the beginning of the month, with Bitcoin miners selling 2,364 BTC (worth approximately $143 million) in just six days, as per the pundit’s October 4 tweet.
While it’s challenging to pinpoint the exact identities of individual whales, institutional activity appears to be playing a significant role. Data from Coinbase shows a negative premium, indicating strong selling pressure from U.S. institutions. “The Coinbase Premium has dropped to -$41, reflecting notable selling from institutional players,” analyst Maartunn from CryptoQuant wrote.
Despite these seeming headwinds, long-term market analysts remain optimistic. On Wednesday, Trader Tardigrade tweeted that he predicted a potential surge to $200,000 for Bitcoin based on chart patterns reminiscent of previous bull markets.
“Bitcoin went through a bear market in 2021 to 2023 with a Bear Flag chart pattern…Similarly, BTC is going to complete the second half of bull market since 2023 with a Bull Flag chart pattern (a small manipulation also involved). The target is at $200,000.” he tweeted.
Similarly, analyst “CryptoDan” from CryptoQuant noted that the current market movement is likely similar to the bull cycles of 2013 or 2020 rather than 2017. He emphasized the potential positive impact of worldwide interest rate cuts, suggesting that while it may take time for liquidity to enter the market fully, prices often move in anticipation of such changes.
As of press time, Bitcoin is trading at $60,800, reflecting a modest 0.33% increase in the past 24 hours.
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