BTC’s Recent Bullish Streak Faces Potential Setback as Bitcoin Whales Enter Redistribution Regime
Recent bullish momentum in BTC’s price has been driven by expectations of a spot Bitcoin ETF approval. However, there is a possibility of a price retracement towards $37,000 as on-chain data suggests a redistribution regime among large Bitcoin whales.
Why Bitcoin May Drop to $37,000
According to Ali Martinez, a decline in the number of entities holding at least 1,000 BTC indicates potential selling pressure and a redistribution regime among large Bitcoin whales. If the price loses support at $43,200, it could lead to a drop below $40,000.
BTC Miners Are Banking from Fees
Bitcoin miners have seen significant growth this year, with total earnings surpassing $10 billion. The increase in earnings can be attributed to the rise of Ordinal-like transactions on the Bitcoin network and the resulting high average transaction fees.
Hot Take: Bitcoin Continues to Outperform Traditional Assets
Despite the potential for a price drop and the caution advised by analysts, Bitcoin remains one of the best-performing assets in 2023. It ranks just behind Nvidia in terms of Sharpe Ratio, showcasing its resilience and value in the market.
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