Crypto Price Analysis: Smart Money Accumulating Bitcoin
For nearly two weeks, the cryptocurrency market remained stagnant, with no clear dominance from buyers or sellers. This has resulted in a sideways trendline for Bitcoin and altcoins as they wait for a trigger to resume recovery.
However, while this may seem boring for retail traders, smart money has been showing interest in accumulating more BTC. In fact, there has been an increase of approximately 73 new Bitcoin whales, each holding a minimum of 1,000 BTC. This marks a 3.66% increase in whale numbers over the past two weeks, indicating growing confidence in Bitcoin’s long-term value.
Ascending Triangle Hints at Ethereum (ETH) Price Surge
The Ethereum price has been trading mainly between $2390 and $2170 during the consolidation period of the last two weeks. However, a new emerging support trendline has uplifted ETH price by 8.43% from its last swing low of $2171.
Additionally, an ascending triangle pattern is forming on the chart, with a key developer announcing an upcoming upgrade on the Holesky testnet. This crucial step sets the stage for developers to announce a mainnet upgrade date soon after.
Bullish Reversal Pattern Boosts Hedera (HBAR) Price
Hedera Hashgraph’s native cryptocurrency, HBAR, has experienced a surge in demand pressure around the $0.0678 mark. This has created a strong launchpad for buyers to develop a bullish reversal pattern known as a double bottom.
Furthermore, a partnership announcement between Hedera Hashgraph and the Saudi Ministry of Investment has contributed to the recent upswing in HBAR price. The partnership aims to foster innovative investment opportunities within Saudi Arabia.
Newly Launched Dymension (DYM) Finds Support at Ascending Trendline
The highly anticipated launch of Dymension’s mainnet coincided with an airdrop of DYM tokens to early adopters and community groups. Following the launch, the token value reached an all-time high of $6.15.
Analysis of the hourly chart indicates that DYM price is adhering to an ascending trendline, which may serve as dynamic support for coin holders. This could potentially aid in sustaining a recovery for DYM and pave the way for a price surge above $6.5.
Hot Take: Altcoins Poised for Growth as Bitcoin Whales Accumulate
The recent increase in Bitcoin whale numbers, along with positive developments and bullish patterns in altcoins like Ethereum (ETH), Hedera (HBAR), and Dymension (DYM), suggests that the cryptocurrency market may be on the brink of a renewed recovery.
As smart money continues to accumulate BTC and key upgrades are announced for Ethereum and Hedera, these altcoins have the potential to outperform and experience significant price surges. This presents an opportunity for crypto investors to capitalize on the growth potential of these altcoins in the coming months.
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