2024

Bitcoin ETF

Bitcoin

The Bitcoin (BTC) network has experienced a significant uptick in high-value transactions, a phenomenon not seen in nearly two years. Crypto analyst Ali has <a href="https://twitter.com/ali_charts/status/1743212782131060787?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">highlighted</a> this trend, noting 16,900 transactions, each exceeding $100,000. 
This surge is a critical indicator of increased activity by Bitcoin whales – entities holding large amounts of BTC – and provides valuable insight into their strategic maneuvers in the current market landscape. 
<blockquote class="twitter-tweet"> 
 In the past 24 hours, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> experienced its largest spike in transactions over $100,000 in nearly two years. 
 The 16,900 large transactions serve as a proxy for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> whale activity, offering insights into how these major players might be positioned in the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#crypto</a> market. <a href="https://t.co/CCnaoBOK0F" target="_blank" rel="noopener nofollow">pic.twitter.com/CCnaoBOK0F</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1743212782131060787?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 5, 2024</a>
</blockquote> 
<h2 id="bitcoin-recovery-following-matrixport-reports-saga">Bitcoin Recovery Following Matrixport Reports Saga</h2> 
This flurry of whale activity arrives amid a backdrop of intensified <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-at-a-crossroads-economists-doom-prediction-clashes-with-spot-etf-approval-hopes/" target="_blank" rel="noopener ">market volatility</a>. Bitcoin, the bellwether of the digital currency world, recently underwent a price correction, dipping below the $41,000 mark. 
This downturn has been attributed to various factors, particularly the <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-plunges-more-than-6-amid-matrixports-contradictory-reports/" target="_blank" rel="noopener ">controversial report from Matrixport,</a> which gave reasons why the US Securities and Exchange Commission (SEC) may reject several spot Bitcoin exchange-traded funds (ETFs) applications this month. 
Despite these factors, Bitcoin has shown resilience as it has begun to regain ground, hovering around the $43,000 mark. The asset has demonstrated a 2.5% increase over the last week. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/W0lcnMjN/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
<h2 id="btc-to-50-000">BTC To $50,000?</h2> 
Several analysts have weighed in with predominantly bullish forecasts in the wake of <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-road-to-record-heights-analysts-forecast-post-halving-surge/" target="_blank" rel="noopener ">Bitcoin’s recovery from the week’s earlier downturn</a>. Dan Gambardello <a href="https://twitter.com/cryptorecruitr/status/1742930294481748303?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">posits</a> that Bitcoin might be on the cusp of “breaking out from a symmetrical triangle pattern.” 
This technical formation, often characterized by decreasing volatility and converging trendlines, hints at potential price escalation. Gambardello asserts that this breakout could catapult BTC to the $50,000 mark, especially with the <a href="https://www.newsbtc.com/bitcoin-news/analysts-sound-alarm-spot-bitcoin-etf-approval/" target="_blank" rel="noopener ">anticipated approval</a> of a spot Bitcoin ETF. 
A symmetrical triangle, recognized by its oscillating price movements between converging upper and lower trendlines, signifies a standoff between buyers and sellers. Should BTC shatter the upper boundary of this pattern, as Gambardello suggests, it may indeed embark on an <a href="https://www.newsbtc.com/bitcoin-news/bitcoins-2024-forecast-from-60000-to-500000-top-experts-share-bold-predictions/" target="_blank" rel="noopener ">unprecedented trajectory</a>, surpassing critical resistance levels within its Fibonacci sequence. 
<blockquote class="twitter-tweet"> 
 Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally! 
 Intro 00:00 Big Grayscale news 1:10 Bitcoin ETF final stretch 2:30 BTC price pressure building 3:15 $50k Bitcoin target 5:10 BTC attempting something it’s never done 6:30 Bitcoin dominance and altcoins… <a href="https://t.co/uZZ2YrblCO" target="_blank" rel="noopener nofollow">pic.twitter.com/uZZ2YrblCO</a> 
 — Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1742930294481748303?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 4, 2024</a>
</blockquote> 
Another voice in the chorus of bullish predictions is Adrian Zduńczyk, a renowned crypto trader. Zduńczyk shares an optimistic outlook, forecasting that BTC could reach new all-time highs following its upcoming halving event. 
<blockquote class="twitter-tweet"> 
 4/ With the 4th halving in mid April, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> can be a hot speculation topic, backed by the hopes of the ETF approvals. 
 Besides, BlackRock’s iShares <a href="https://twitter.com/search?q=%24IBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$IBTC</a> Bitcoin Spot ETF can set an example for many institutions to follow. 
 Trillions of dollars are estimated to flow into crypto. <a href="https://t.co/vYQ2F6c36w" target="_blank" rel="noopener nofollow">pic.twitter.com/vYQ2F6c36w</a> 
 — Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1741961853968802172?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 1, 2024</a>
</blockquote> 
Featured image from Unsplash, Chart from TradingView

Whale Watch: Bitcoin’s $100,000 Transactions Soar, More Surge Ahead?

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