• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Monday, June 2, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Bitcoin Whales are Buying Heavily, BTC Price Eyes $51,000 

Jordan Avery by Jordan Avery
February 8, 2024
in News
Reading Time: 3 mins read
0
bitcoin-whales-buying
15
SHARES
Share on TwitterShare on Facebook

Amidst the broader market recovery, the world’s largest cryptocurrency, Bitcoin (BTC), is making solid moves. The moves are aging over 4% and approaching closer to $45,000. The development comes amid substantial whale accumulation happening in BTC over the past four weeks.

 

Bitcoin Whale Supply Reaches a 14-Month High

On-chain data provider Santiment noted that the Bitcoin price has reclaimed the $44.5K mark for the first time since the onset of the “ETF hangover” retracement on Jan 12th.

However, the reason behind the surge in the price is being attributed in part to the increase in the holdings of wallets that contain 1,000 or more BTC.

The data reveals that these large wallet holders, each possessing over 1,000 BTC, have been holding their largest collective amount of Bitcoin in over 14 months. This accumulation trend that’s happening among whales, or substantial investors, suggests that the confidence in Bitcoin’s long-term value is growing, potentially contributing to the recent upward momentum in its price.

 

What do analysts say?

Renowned crypto analyst Ali Martinez has shed light on a pivotal development in the Bitcoin market, emphasizing a significant support zone for the leading cryptocurrency.

According to Ali, over three million addresses have collectively purchased around 1.50 million BTCs within the price range of $41,800 to $43,080.

bitcoin-btc-price-whales
source: tradingview.com

Michael van de Poppe, the famous crypto expert, suggested that the correction phase for Bitcoin may be an indication of a pre-halving rally. Van de Poppe also forecasts that the trajectory of the price of BTC may lead it toward the range between $48,000 and $51,000 in the future.

#Bitcoin going for it again, as we’re approaching $45K.

The range is still defined.

I think we’ll reach $48-51K pre-halving and correct back down for some more consolidation. pic.twitter.com/weTGSKLzcs

— Michaël van de Poppe (@CryptoMichNL) February 8, 2024

Crypto Miners are actively selling Bitcoin

On the other hand, the Bitcoin miners have been actively selling in order to raise capital to purchase more sophisticated mining rigs and boost operations. Halving is expected already in April, and the event suggests that the miner’s income for each individual block will be halved. This is why cryptocurrency miners need to improve their equipment. 

 

Relationship between Crypto and Equities Amidst Fed Signals

Given the assumption that the enduring correlation between crypto and the S&P 500 remains intact, there’s an argument indicating that BTC and other cryptocurrencies will eventually catch up, possibly before Bitcoin’s halving in April. However, with the Fed chair signaling a delay in the rate cuts, one cannot disregard the possibilities of robust volatility ahead.

With equities achieving new all-time highs, this presents a distinctive scenario where cryptocurrency traders may anticipate for market values to closely align with the performance of publicly traded companies. Historically, crypto witnesses its most significant bull runs when its correlation with stocks is minimal or nonexistent.

Tags: Bitcoin BTCBitcoin priceBitcoin Price PredictionBTCon-chain datasubstantial investorssupport zoneupward momentumWhales
Previous Post

Bitcoin ETFs: How Are They Performing?

Next Post

Shiba Inu Coins: BONE, LEASH, & SHIB Prices Surge on Marswap

Related Posts

Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

June 2, 2025
Cardano Tanks 50% From Highs—Hope or Hype Ahead
News

Cardano Tanks 50% From Highs—Hope or Hype Ahead

June 1, 2025
Solana Price Prediction:Is the $200 Dream Dead
News

Solana Price Prediction:Is the $200 Dream Dead?

May 31, 2025
Featured

Netflix Casts Leads for FTX Drama

May 30, 2025
Featured

Trump’s Meme Coin Dinner Under Investigation

May 29, 2025
Altseason Is Here—But Only for a Few Minutes
News

Altseason Is Here—But Only for a Few Minutes

May 28, 2025

Press Releases

Binance Beats SEC—Crypto Cheers the Legal Victory
News

Binance Beats SEC—Crypto Cheers the Legal Victory

by Alex Mercer
June 2, 2025

Introduction From courtroom drama to crypto karma, Binance is having a moment. The SEC has officially pulled the plug on...

Read more
Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

May 25, 2025
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier