Bitcoin It continues to remain strong, exceeding $ 46,000 with its rise that started on Wednesday evening.
BTC While it is currently at $46,700, analysts have evaluated the reason for the rise in BTC and whether it will continue.
First speaking to Decrypt Julio Moreno, head of research at CryptoQuant He said that the rise was due to whale accumulation and the zeroing out of unrealized profits of short-term investors:
“While Bitcoin is making a nice move, this rise is due to whale accumulation and the zeroing out of unrealized profits of short-term BTC investors.
Because the BTC unrealized profits of short-term investors were reset to zero, and when it reached zero, the selling pressure was exhausted. When the selling pressure ended, a bottom was found in the BTC price.
More importantly, we see that more whales are buying BTC than this selling pressure has decreased.
Here, the number held by whales reached 3.9 million BTC. “This figure was the highest level since November 2022.”
At this point, Monero stated that it expects the rise in BTC to continue in the face of important data and events such as increasing whale accumulation and halving.
Successful analyst apart from CryptoQuant research head Julio Moreno Michael van de Poppe He also evaluated the rise in BTC.
At this point, Poppe stated that Bitcoin’s upward strength continues. He predicted that BTC could reach $51,800.
“To be fair, I am positively surprised by the current strength in Bitcoin.
It looks like Bitcoin is looking for liquidity above the highs and perhaps liquidity above $51,800 before the halving.
Markets are strong. “The 20% decline in Bitcoin has always been a buying opportunity.”
To be fair, I’m positively surprised with the current strength on #Bitcoin.
Already at $46,500.
It seems likely we’re looking for the liquidity above the highs and perhaps the one above $51,800 pre-halving.
The markets are strong. Dips of 20% on #Bitcoin are a buy. pic.twitter.com/Dvj8DfZQbl
— Michaël van de Poppe (@CryptoMichNL) February 9, 2024
*This is not investment advice.
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