Bitcoin Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish Outlook

Christian Encila

1 year ago

3 mins read

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Bitcoin (BTC) finds itself in an interesting place, stuck between the restless palms of short-term holders and the optimistic conviction of whales (big investors). Driven by a purchasing frenzy from whales, the leading cryptocurrency in the world lately jumped to within a hair’s breadth of all-time high. Underneath the surface, though, are possible dangers that might throw off this movement.

Whale Appetite Increasing

Some estimates place big investors accumulating Bitcoin at an alarming rate—almost $1 billion worth every day. This ravenous desire points to a high conviction on the long-term possibilities of Bitcoin. This whale activity is seen by analysts as a positive sign, inspiring hope that Bitcoin can surpass past highs of about $71,000.

While you are scared, whales are buying #Bitcoin like never before. pic.twitter.com/QAVXpdWER4

— Vivek⚡️ (@Vivek4real_) June 8, 2024

The feeling transcends the major leagues. Average streetwise person, retail investors are also joining the party. There are now more addresses between 0.01 and 1 BTC, suggesting a general growing curiosity in the bitcoin. With millions of users and this junction of whale and retail investor excitement, Bitcoin might soar.

Profit Taking And Short-Term Jitters

A double-edged blade known as the MVRV ratio surfaces as the price rises. This statistic shows the profit sitting on by owners. The MVRV ratio has surged noticeably as Bitcoin approaches its top, implying that many investors are now in profit zone. One can get blessings as well as curses from this profitability. Some holders, possibly millions depending on address growth, may be tempted by locking in gains to sell, therefore exerting downward pressure on the price.

Bitcoin Miners Feeling The Squeeze

Relatedly, Bitcoin miners are compensated with freshly generated coins after devoting major processing capacity to confirming Bitcoin transactions. Miner income has, however, since dropped; some estimates place it between $53 million and $48 million in just a few days.

Should this tendency continue, miners could be compelled to sell their Bitcoin investments in order to survive. This flood of more coins available on the market could aggravate selling pressure even more and impede the present surge.

BTCUSD trading at $69,481 on the weekly chart: TradingView.com

Bitcoin Price Prediction

The most recent Bitcoin price prediction indicates that by July 10, 2024, Bitcoin should climb by 28%, landing at $89,300. Supported by a Fear & Greed Index value of 72, which shows great greed, the market mood is optimistic. With a 4.16% price volatility over the same period, Bitcoin has also shown a constant increasing tendency and recorded 16 green days out of the last 30.

Bitcoin showing bullish signs. Source: CoinCodex

The great number of green days and reasonable volatility levels point to a steady market, so supporting the positive attitude. This surroundings seem fit for more price hikes, in line with the expectation of a large increase. Both the sentiment indices and recent price performance suggest investors’ ongoing enthusiasm.

Featured image from Treehugger, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.