The current market sentiments are wild, and the sudden inflow of cash in the market is caused by increased whale activity. Bitcoin price has seen a remarkable 3% jump over the weekend, reaching $48.6k, a move rarely seen during weekends.
This surge, fueled by spot purchases, indicates positive market sentiment. Over the past 24 hours, Bitcoin’s value has risen by over 2.6%, marking a notable 12% increase relative to the U.S. dollar in the past week.
Before this rally, IntoTheBlock reported that 90% of BTC holders were now in profit, reducing panic selling and promoting stable growth amidst the rally.
Whale Activity and Weekend Surge Propel Bitcoin Price to $48.6k
This uptick has created a ripple effect in the market. As per Lookonchain data, an investor made headlines by netting $13.5 million in profits within four days through strategic Bitcoin transactions. Initially withdrawing 2,742 Bitcoins worth $118.66 million from Binance when Bitcoin was priced at $43,277, the investor redeposited the same amount of Bitcoin back into Binance at $48,193 per coin, now valued at $132 million.
The timing of these transactions indicates a well-planned strategy, turning the crypto crisis to the investor’s benefit. Given ongoing market trends and the possibility of increasing Bitcoin’s price, some wonder if the investor could’ve earned more by waiting.
But experts like Ali (@ali_charts) are still bullish, pointing out Bitcoin’s strong support and potential to surge towards higher resistance levels around $57,000.
Mixed Sentiments and Caution Ahead
According to Santiments, these mega whales buying spree shows their trust in Bitcoin’s future. Such big accumulations in the past were positive, suggesting the market may be about to ride another bullish wave. This surge in institutional activity, coupled with the upbeat market sentiment, aligns with a positive forecast for Bitcoin price, further fueled by the upcoming halving set to occur in 69 days.
However, not everyone is convinced with the forecast, with warnings about potential volatility ahead, as noted by Rekt Capital, a prominent crypto analyst. He believes there’s one more pullback before the halving. This dip might occur around late March or April, based on historical patterns.
Overall, despite some uncertainty, Bitcoin’s technical analysis offers hope. It’s solid at around $42,600, which helps handle short-term ups and downs. Plus, reaching $57,000 next seems easier, showing a good chance for a strong rise if Bitcoin keeps its current pace.
BTC is now above 47K! Will we touch 57K before halving? What do you think?
