Bitcoin Holders Accumulating Crypto Assets
Despite the stagnant price of Bitcoin, on-chain data reveals that large holders are increasing their crypto holdings. In particular, the number of whale wallets holding between 1,000-10,000 BTC has grown by 47 wallets in just six days, representing a 2.5% increase. This brings the total number of addresses in this tier to 1,958, the highest it has been since November 2022.
Positive Fundamental Factors
While the price trajectory may be uncertain, there are positive macro factors that suggest a favorable movement for Bitcoin. One of these factors is the recent influx of $1.7 billion into Bitcoin spot ETFs within the past 14 days.
Analysts’ Perspectives
Crypto analyst Michaël van de Poppe predicts that Bitcoin will continue its consolidation phase in the coming months before experiencing another correction. He identifies resistance levels at $48,000 to $50,000 and expects a correction towards $36,000 to $38,000.
On the other hand, analyst Justin Bennett suggests a bearish outlook for Bitcoin based on Tether’s dominance chart. He anticipates a further decline to around $30,000, which aligns with analyst PlanB’s Bitcoin price floor of $31,000.
Hot Take: Bitcoin Holding Steady Despite Divergent Views
Bitcoin’s price remains stagnant around $42,909 as investors navigate conflicting perspectives on its future direction. While large holders continue to accumulate crypto assets and positive fundamental factors support a bullish outlook, some analysts anticipate a potential decline in the near future. As uncertainty looms, only time will tell how Bitcoin will ultimately perform in the market.
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