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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

Bitcoin Set For ‘Dullest Rally’ With A Twist, Whale Forecasts

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin price btc btcusdt bitcoin whale

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Bitcoin has been unable to retain its bullish momentum and seems likely to extend its current downside trend. However, the long run remains positive, and the next months could see BTC reach its all-time high, but in a different fashion than in previous rallies, according to a large investor.

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As of this writing, Bitcoin trades at $42,000 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency still records a 5% profit.

bitcoin btc btcusdt
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Bitcoin Whales Makes Bullish Forecast

According to a pseudonym Bitcoin Whale that goes by “Joe007” on social media X, the cryptocurrency is poised for a bull run. The institutions trading the US spot Bitcoin Exchange Traded Fund (ETF) will drive this bullish momentum.

In that sense, these institutions are likely to suck the volatility out of Bitcoin by pushing to trade similar to traditional assets. Thus, Joe007 claims that this cycle’s rally will lack the excitement of 2017 and 2021 when BTC hit $20,000 and $69,000, respectively, creating euphoria amongst investors.

The Bitcoin whale stated:

I think we’re about to witness the most boring rally in Bitcoin history. No retail-driven parabolic swings that excite degens/noobs and produce headlines. Rather a slow relentless drive higher by professional accumulators taking out layer after layer of paper handed holders.

The whale dismissed the possibility when asked if traditional institutions could fail in “taming” BTC due to the “systemic crises” in the space. In addition, Joe007 dismissed the possibility of the cryptocurrency not running higher in the long run.

The only thing that could stand between Bitcoin and a rally is a “low probability” scenario where the traditional finance sector experiences a similar crash to 2008. The BTC whale added:

(…) unless there is a sudden complete tradfi meltdown (2008-style or worse). Then I can see Bitcoin being dragged into a general panic-crash, at least initially. Certainly possible but hard to assign realistic probability.

BTC Price In The Short Term

On low timeframes, an analyst pointed at the Daily On Balance Volume (OBV), which suggests further downside for BTC. The chart below shows that this metric broke out of a trending channel during Bitcoin’s recent crash.

bitcoin price btc btcusdt
BTC’s Daily OBV was rejected out of a critical level, which hints at a bearish re-test for the asset. Source: IncomeSharks on X

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The OBV was rejected out of a critical level and seems poised to trend to the upside along with the price of BTC. The analyst stated:

Daily OBV still looks like it wants more downside. Looks like this might have been a lower high that we just put in.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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