Bitcoin continues to attract the attention of investors and analysts with its price changes and big moves. Recently trading in $65,715, Bitcoin’s small increase of almost one percent in the last 24 hours has generated some cautious optimism among crypto fans around the world. This new confidence is driven by the activity of large whales and the positive long-term forecasts of leading analysts.
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Big investor buys $395 million worth of Bitcoin
A well-known crypto whale made headlines by purchasing 6,070 BTC, worth around $395 million. This is the whale’s first major purchase in more than 18 months. Known for smart trading moves, this investor previously purchased 41,000 BTC during the 2022 market crash at an average price of $19,000 per BTC.
In a brilliant move, the whale sold 37,000 BTC during the market rally in 2023 and 2024 at an average price of $46,800, making a massive $1.74 billion in revenue and over $1 billion in profit. This latest purchase shows the whale’s renewed faith in Bitcoin’s future, suggesting major price moves ahead.
Analysts Predict Bitcoin Could Reach $100,000
Top crypto analysts are very optimistic about the future of Bitcoin, with some predicting that it could reach $100,000. Ali Martinez, a respected crypto expert, points out that more than 70% of all open Bitcoin positions on Binance are bullish.
70.27% of all accounts in @binance with an open #Bitcoin position is bought! pic.twitter.com/PiGZp0rP58
-Ali (@ali_charts) June 19, 2024
Another analyst, who goes by the name Jelle, notes that Bitcoin has recently reached important support levels such as the 100-day exponential moving average (EMA) and the lower border of an ascending triangle pattern.
Jelle believes a rebound from these levels could take Bitcoin to $72,000 soon, paving the way for a potential rise to $100,000 in the long term. These predictions are in line with a broader bullish view, as many believe Bitcoin’s current price is a good buying opportunity.
More bullish signs on the horizon
Bitcoin’s recent price movement isn’t just attracting individual investors. More large institutional investors are showing interest, which shows growing confidence in Bitcoin’s value. Large investments from well-known figures and companies signal greater acceptance and integration of Bitcoin into mainstream finance.
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Meanwhile, the Bitcoin price prediction for July is bullish, indicating a potential 30% increase to more than $85,000, according to crypto price tracker CoinCodex. This is despite the current technical indicators being tilted downwards. This suggests a potential disconnect between market sentiment and price action.
The Fear and Greed at 60 Index (Greed) further highlights this dissonance. While the price has experienced nearly half of its bull days (47%) over the past month with relatively low volatility (2.29%), the underlying technical data may be pointing to a different story. It will be interesting to see whether the predicted price increase comes to fruition or whether downtrends prevail.
Investors are closely monitoring Bitcoin’s price movements, looking for opportunities that could signal new highs. While the path to $100,000 is fraught with uncertainty, strategic insights from market veterans and growing institutional interest provide a solid foundation for Bitcoin’s long-term potential.
Featured image from Pexels, chart from TradingView