Bitcoin While its price continues to remain strong at $38,000 levels, on-chain data also shows positive signals. While the bulls set the price target at $40,000, we have compiled the probability of this possibility for you.
Over the past six months, the top 100 Tether wallets have collected more than $1.67 billion in USDT tokens. This means that purchasing power increases by about 10%.
Sanitment reported that the Bitcoin price reached $38,300 for the first time since May 5, 2022. While this increase has been attributed to a variety of factors, a key contributor appears to be the top 100 Tether (USDT) addresses, which have collectively added $1.67 billion over the past six months.
The increasing buying power of these whale USDT addresses indicates a bullish trend, and if this momentum continues, analysts are predicting the possibility of Bitcoin surpassing $40,000 in the near future.
Koinfinans.com As we reported, Greeks.Live reported that Bitcoin was on the rise, surpassing the $38,000 level and reaching its highest level of the year. This upward move also contributed to the recovery of Dvol, which had previously fallen to 51% after delivery but is now back to its recent average of 54%.
Market sentiment continues to suggest that the Exchange Traded Fund (ETF) could be approved in the first quarter of next year. Skew’s significant positive trend for more than a month is in line with market expectations. Investors are advised to consider every decline as a suitable opportunity to improve their positions until the ETF is officially adopted.
In Which Direction Will Bitcoin Move?
Bitcoin’s upward momentum is facing resistance near $38,000, but subsequent declines have been brief and minor, indicating persistent demand from buyers looking for opportunities during price consolidation.
This formation forms an ascending triangle on the price chart, characterized by a horizontal upper resistance near $37.8000 and a rising lower support from pullbacks lower. The shallower recent declines suggest that the uptrend is increasing, and analysts like FxPro’s Alex Kuptsikevich are eyeing the ascending triangle formation, eyeing a potential break above $40,000. However, the question remains as to how soon this can happen.