Bitcoin (BTC), after an initial dip, is now experiencing a recovery in its price. CryptoQuant analysts, using the pseudonym BaroVirtual have shared some positive long-term projections despite this volatility. insights Whale activity
According to the analyst, whales—large holders of Bitcoin—now control approximately 670,000 BTC, the highest amount ever recorded. Whales’ accumulation is seen as positive for Bitcoins future.
The whale population continues to grow
BaroVirtual stressed that once whale holdings reached such high levelsBitcoin is often in a trading pattern that’s sideways or has a mild decline. This accumulation phase, however, often serves as a precursor to significant upward movement in the cryptocurrency’s value.
This phase is called the “calm before the storm,”’suggesting that a price explosion could be imminent as whales slowly reduce their holdings. In the past, this has led to long-term increases in Bitcoin’s price.
BaroVirtual warned about the risks associated with the US Presidential Elections, noting the possibility that Bitcoin’s all-time highest price could be a sign of deeper problems within the system if it fails to reach its peak between the election and the end of November. current bull cycle. This is the post that appeared on CryptoQuant QuickTake:
Finaly, if there is no update to the highest price between the US elections on November 28, (+/- 21, this would indicate serious issues with the bull cycle and that things could get very ugly.
Bitcoin Market Performance, Outlook and Forecast
Parallel to these developments, Bitcoin’s price has also seen an increase. following a recent dip that followed its attempt to break through the $70,000 level on Monday. Bitcoin currently trades at $66,658, a 2,4% gain in one day.
The price recovery coincides with the technical signals that indicate a possible continuation of bullish trend. CryptoBullet – a popular crypto analyst – recently posted on X the fact that Bitcoin’s Moving Average Convergence Divergence(MACD) weekly indicator had crossed into bullish territory First time since October 20,23
CryptoBullet highlighted that this setup is reminiscent of Bitcoin’s 2021 price action, which saw a similar vertical rally followed by a mid-term correction. Unlike the deeper correction in 2021, this phase took longer to develop, but was not as serious.
The analyst is optimistic. He predicts that Bitcoin price will rise to new highs after breaking out of the multi-month-long consolidation phase.
#Bitcoin The Weekly MACD has crossed the bullish line for the first since October 2023.
This picture is reminiscent of the year 2021. The same Vertical Rally, (MACD peak) was followed by an agonizing Mid-Term Correction.
Then, Now $BTC is… pic.twitter.com/q03dN7GgS6
— CryptoBullet (@CryptoBullet1) October 23, 2024
Chart created by TradingView, DALL-E.
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Source: www.newsbtc.com
