Crypto analyst Ali Martinez Bitcoin He attracted attention with a post discussing the reasons that prevented the price from approaching the $ 50,000 level. pulled.
Martinez noted that the Bitcoin UTXO Realized Price Distribution Index is facing stiff resistance at the $38,500 level. The index in question provides data showing how much BTC is purchased at which price.
According to Martinez, if BTC manages to overcome this important resistance level, the price will have a chance to advance towards $47,360. This means a difference of almost $10,000 between the current Bitcoin price and the projected price.
While more than $2 million worth of BTC short positions were shorted, the total liquidation amount in the crypto market exceeded $71.15 million.
According to data from Santiment, whales were very active between August 19 and October 16, transferring a large amount of USDT (3.54% of the entire supply) and USDC 0.72% of the circulating supply to crypto exchanges.
Santiment says these surprising transactions of stablecoins to exchanges were among the driving forces that sparked the rally in the entire cryptocurrency market from late October to mid-November.
A Major Catalyst is Coming for Bitcoin!
As Koinfinans.com reported, the crypto community is looking forward to next year because the fourth Bitcoin halvening event is expected to occur in the second half of spring 2024. This is also known as the event where miners’ rewards will be halved (from the current 6.25 BTC to 3,125 BTC). This will reduce the increase in current supply.
He suggests that it could actually get close to the $220,000 level that famous Bitcoin proponent Max Keizer predicts will be reached in the next few years.