Comparing the ongoing Bitcoin bull run to the 2017 rally shows that institutional investment is on the rise. Top institutional players are handing over their Bitcoin wallets from exchanges. This can give misleading results for the detection of whale wallets. However, 4 expert analysts made their year-end price predictions based on their own experiences. Decisions have been made about Bitcoin price in both directions…
Bitcoin long-term prospects look extremely bullish, according to analysts
William Clemente, author of the “Bitcoin supply shock” narrative and on-chain analyst, estimates that the outlook for BTC price at the end of the year is quite high. Clemente expects a short-term pullback before BTC continues its upward climb. The analyst also argues that whales are starting to book profits and speculators or highly liquid wallets (traders known to sell BTC in a short period of time) are buying BTC. According to Clemente, there is a vulnerability in terms of market cap, and that could change over the next few weeks. Clemente quotes:
Macro: extremely bullish. Supply dynamics (HODLing behavior) remains strong, mixed is coming back in network, individual is still out of market. I’m still standing on my thesis for a strong 4th quarter.
Bitcoin wallets of exchanges can slam whale rates!
While the numbers show that Bitcoin’s ownership is pretty intense, proponents argue that not all BTC addresses should be treated equally. Exchanges and institutions keep BTC in their wallets for their clients, and counting these addresses as whale addresses leads to a skewed result. Therefore, despite the consistent accumulation of large wallet investors and illiquid BTC holders, BTC ownership is not as concentrated as most altcoins.
On this matter, Daniel Joe, a cryptocurrency analyst, recently tweeted about Bitcoin accumulation by whales, noting that there is no sign of whale exit liquidity:
BTC Average Money Age made HL and continues the uptrend of strong accumulation in LTHs. No sign of whale exit liquidity.
ETF approval days away, according to James Seyffart
James Seyffart, an ETF analyst at Bloomberg Intelligence, believes that Bitcoin ETF approval will likely be in October 2021.
We’re pretty optimistic about confirmation here. We can’t see Gensler and the SEC going out of their way to comment favorably on a 1940 Bitcoin futures ETF at the end of September, and then deny it all less than a month later.
A number of Bitcoin ETF applications have been reordered by the U.S. Securities and Exchange Commission (SEC). Applicants plan to hold Bitcoin futures instead of assets and have filed their applications under the Investment Company Act 1940 for the highest investor protection. The endorsement of a Bitcoin ETF product opened the $6.7 trillion US ETF economy to BTC, fueling the bull year-end narrative for BTC.
Kevin Svenson, a cryptocurrency market analyst and YouTuber, has set a target of $350,000 for Bitcoin at the end of the ongoing bull run.
Twitter analyst Credible is among analysts waiting for correction
A widely followed crypto strategist is warning traders as he predicts that Bitcoin and all crypto markets are poised for a corrective move.
The trader, known in the industry as Credible, says he has seen the biggest cryptocurrency struggle to maintain its uptrend as it enters an uptrend:
Funding is turning positive as price stagnates in the main HTF (high timeframe) supply. Predict what will happen next. BTC.
What do these mean?
A positive funding rate indicates that investors are betting heavily on Bitcoin to continue the rally, creating an extremely bullish sentiment. Looking at the trader’s chart, the last time BTC funding was in September, just before Bitcoin dropped from $52,000 to $40,000.
It is believed that positive funding along with BTC trading at a key resistance area could be a recipe for a pullback. The crypto strategist also predicts that Bitcoin will drop to support around $50,000, dragging the rest of the markets with it.
What are you trying to achieve with resistance (anonymous)? I’m waiting for a fix soon, be careful guys. Altcoins will likely be hit harder than Bitcoin.
Although Credible is in a short-term bearish trend, he believes the crypto markets will recover once the pullback is over. In his final words, he addressed investors:
Trust me, you’ll want to be there to pick up the pieces. Find your favorite altcoins and start planning so you can take advantage of the discount when the drop comes.
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