Bitcoin Price Surges as Whales Accumulate
Amid the broader market recovery, Bitcoin is making strong moves, surging over 4% and nearing $45,000. This surge is attributed to the increase in holdings within wallets containing 1,000 or more Bitcoin. Large investors are accumulating Bitcoin, indicating growing confidence in its long-term value.
Support Zone and Potential Rally
Analysts highlight a significant support zone for Bitcoin, with over 3 million addresses collectively purchasing nearly 1.50 million BTCs within a specific price range. This suggests a strong base for Bitcoin’s price and the potential for a pre-halving rally. Analysts predict that Bitcoin could reach $48,000 to $51,000 in the near future.
Miners Selling to Boost Operations
Bitcoin miners have been selling their holdings to raise capital for purchasing advanced mining rigs and improving their operations.
Crypto Catching Up to Equities
There is an argument that cryptocurrencies will eventually catch up to equities, especially with the recent performance of the S&P 500. However, the correlation between crypto and stocks may impact volatility in the market. Historically, crypto experiences its most significant bull runs when it has minimal or no correlation with stocks.
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