Price Analysis

Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next?

Bitcoin price analysis reveals a V-shaped recovery, with a 26.2% growth from $53,500 to $67,617. Whale activity and ETF inflows boost bullish momentum, targeting $80,000.
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Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next?

Highlights

  • The formation of a broadening wedge pattern leads to the current consolidation trend in BTC.
  • The coin price trading in the upper half of the pivot level indicator suggests the recovery trend is active.
  • The intraday trading volume in Bitcoin is $18.4 Billion, indicating a 45% loss.

The cryptocurrency market showcases low volatility on the weekend as the BTC price tries to stabilize after the weekday rally. The renewed recovery can be attributed to a significant inflow into Spot Bitcoin ETFs and whale accumulation. Given the current bullish momentum, the Bitcoin price analysis suggests that buyers might soon bridge the 9.26% gap to an all-time high of $73,750. Is it still a good time to invest?

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Bitcoin Price Analysis: Key Levels to Watch Amid Market Recovery

Bitcoin Price Analysis| Tradingview

The Bitcoin price analysis in the past three weeks shows a V-shaped recovery in the daily time frame. This bullish turnaround has uplifted the asset from $53500 support to a week’s high of $67617, accounting for a 26.2% growth.

Amid the weekend consolidation, the BTC faced supply pressure at $67277 resistance and dipped 0.45% to trade at $66868. Consecutively, the market cap wavers at $1.319 Trillion.

If the bullish momentum persists, the Bitcoin price could jump another 5.6% before challenging the major resistance of the broadening wedge pattern. With diverging trendlines as dynamic support and resistance, this chart setup has guided Bitcoin in its past four-month consolidation.

A potential breakout from the overhead trendline will signal the continuation of the prevailing uptrend.

According to Lookonchain, a prominent on-chain data tracker, a whale has been on a buying spree, accumulating a substantial amount of Bitcoin in a short period.

https://twitter.com/lookonchain/status/1814854569740153342?ref_src=twsrc%5Etfw” rel=”nofollow

Over the past four days, this smart money investor has purchased a total of 677 BTC, valued at approximately $45.6 million. The most recent transaction occurred just nine hours ago, with a purchase of 213.78 BTC worth $14.48 million. This pattern of large-scale acquisitions underscores the confidence of major investors in Bitcoin’s potential for a significant price surge.

Adding to the bullish outlook, Nate Geraci, president of The ETF Store, highlighted the significant role of the spot Bitcoin ETF in the United States. The ETF currently holds 900,000 Bitcoins, which accounts for 4.3% of the total Bitcoin supply. These assets are valued at approximately $60 billion.

https://twitter.com/NateGeraci/status/1814791990955155666?ref_src=twsrc%5Etfw” rel=”nofollow

Since its launch in January, the ETF has seen a net inflow of $17 billion. This substantial inflow of funds indicates strong institutional interest and confidence in Bitcoin.

Thus, a breakout from the wedge pattern could accelerate buying momentum, extending the BTC price forecast target to $80,000, with potential further gains reaching $90,000.

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Technical Indicator: 

  • Pivot Levels: The traditional pivot indicator hints that Bitcoin could witness overhead resistance at $77800 and $83782 in price discovery mode.
  • ADX: The downsloping ADX slope hints the prevailing bearish trend is losing its momentum.
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Frequently Asked Questions

What is a V-shaped recovery?

A V-shaped recovery refers to a sharp and strong rebound in asset prices after a significant decline, forming a "V" shape on the chart.

What is a spot Bitcoin ETF?

A spot Bitcoin ETF (Exchange-Traded Fund) holds actual Bitcoin as its underlying asset, allowing investors to gain exposure to Bitcoin without owning the cryptocurrency directly.

What is whale Accumulation?

Whale activity refers to the trading actions of individuals or entities that hold large amounts of Bitcoin. These large-scale investors, often called "whales," can significantly influence the market due to the size of their transactions.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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