Bitcoin Price Forecast: Bottoms Successfully

Bitcoin has traded down about 1% in the past 24 hours and is currently around $20,240. The BTC price moved in a relatively tight range between $20,064 and $20,485 – ergo, the price has now found itself relatively in the middle of the trading range. Volatility has decreased recently. After the Fed meeting, there was no real impetus for further price development.

After the Bitcoin price increased by around 6% in the last 14 days, many crypto traders are currently questioning the durability of this recovery movement. Is this a bear market rally again or is BTC price gradually ending the bear market? The latest on-chain data from Santiment, which suggests that Bitcoin whales are increasingly accumulating BTC and betting on the next bull run, is positive in the Bitcoin price forecast. The increasing interest from large investors could indicate a successful base formation.

Crypto Whales Accumulate Bitcoin: 9 New Addresses With 10,000 to 100,000 BTC

The chart below from Santiment illustrates strong investor interest in Bitcoin. Because since September 20, nine new addresses have been created, which now accumulate between 10,000 and 100,000 BTC. The crypto whales thus have a stock of around 190,000 BTC with a current rate of almost four billion US dollars. Apparently, Bitcoin remains attractive to large investors, although no conclusions can be drawn as to whether it was just another distribution to the network addresses or what the intention was behind Hodln.

Crypto bull Michael Saylor also posted an interesting chart on Twitter today showing Bitcoin’s transfer volume over the past few years. After all, there has been significant growth since 2021, which was caused by the last bull run. Crypto/Bitcoin adoption is progressing and could fundamentally support BTC’s recovery. Despite the bear market, transfer volume is already at a new record high for the year.

An example of ongoing adoption is Pick n Pay, one of South Africa’s largest retailers with offices in several African countries. Because the traditional company founded in 1967 has now implemented Bitcoin including the Lightning network as a means of payment.

Bitcoin price continues to consolidate: $21,150 as support level

The chart shows ongoing consolidation. Fundamentals are currently encouraging. Nevertheless, there is still a long way to go before Bitcoin can finally spark massive bullish momentum again. The daily chart shows a small support level around $21,150, which should not be undercut by the daily close. In the past four trading days, however, the Bitcoin price has fallen slightly. Should a trend reversal begin here, BTC could initially target the price level around $21,800 before some resistance awaits Bitcoin bulls between $23,500 and $24,500.

Trade Bitcoin (BTC) here for free

Presale Tip: Green Cryptocurrency IMPT Raises $12M

Since a crypto portfolio should always consist of different coins, a look at other cryptocurrencies also seems promising. If the IMPT token is currently receiving a lot of interest in the bear market and was able to raise over $12 million in capital last month, the next bull run could be even more dynamic. But the IMPT coin is not a speculative investment that only aims to make quick profits. Rather, the concept seems well thought out, the roadmap defines long-term goals.

IMPT.io is a sustainable shopping platform that brings together blockchain-based buyers and businesses so that both can shop more sustainably. In addition to over 25,000 affiliate partners (Amazon, Microsoft and Co.), there will also be a social platform with its own sustainability score and NFT-based emissions trading, so that users can not only track their ecological footprint in an appealing way, but also compensate directly by to burn the respective tokens. Thanks to the blockchain technology, sustainability becomes more transparent and efficient – if this concept spreads and the shopping platform is increasingly used, the native IMPT coin can perform above average in the medium term. In the end, however, acceptance is decisive here.

Buy IMPT in advance here

Follow our affiliate links:

Buy your cryptos PrimeXBTnext generation trading platform

Secure your cryptos on wallets like ledgers and Trezor

Participate anonymously in your crypto transactions NordVPN

Leave a Comment