Bitcoin’s Price Poised to Break All-time High in 2021
Bitcoin’s price is on the brink of surpassing the all-time high from 2021 on a monthly candle for the first time. The flagship cryptocurrency, Bitcoin, has entered into the price discovery phase of its macro bull run and is expected to continue its upward trend in the long term.
Bitcoin Whales Activity
– Bitcoin whales, who had slowed down their accumulation last week, have picked up the pace since Monday
– CoinShares’ recent weekly report indicates that over $940 million was withdrawn from crypto investment products, with Bitcoin leading the way
– Market data from Santiment reveals that Bitcoin whales have amassed more than 100,000 BTC in the past week, totaling around $7 billion in investments
Traders’ Positive Outlook
– The cryptocurrency market is eagerly awaiting a breakout as Gold and major indexes like the S&P 500 soar to new all-time highs
– Bitcoin’s correlation with altcoins, precious metals, and stock indexes remains strong, indicating growing institutional interest in the web3 sector
– Bitcoin’s funding rate ratio has spiked to a two-week high, suggesting an upcoming bullish breakout
Bitcoin’s Potential Midterm Targets
– Given the current market conditions, Bitcoin has a strong chance of hitting a new all-time high by the end of the month
– Popular analyst Ali Martinez predicts a 10 percent surge in Bitcoin’s price, reaching $77,000 after breaking out of a bullish flag pattern in the last 24 hours
Hot Take: Get Ready for Bitcoin’s Record-breaking Run!
Bitcoin’s price is gearing up to break past its previous all-time high from 2021 on a monthly candle, marking a significant milestone in its bull run. With Bitcoin whales ramping up their accumulation and traders’ optimism on the rise, the cryptocurrency market is poised for a bullish breakout in the coming days. Stay tuned as Bitcoin sets its sights on new all-time highs and continues its upward trajectory in the ever-evolving crypto landscape!
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