Bitcoin Bulls Set To Withstand Hiccups as Whales Scoop $4 Billion BTC
Bitcoins (BTC) recent successes have prompted bullish reactions among traders. Long-term traders are positioning for the next leg of inflows with over-the-top accumulations. Amid growing skeptics waving warning signs, the wider market looks steady, with increasing interest from institutional investors.
BTC Whales Are Poised For New All-Time High
After the assets recovery above the $90k, traders have intensified efforts to reclaim previous levels. Bitcoin hit an all-time high above $108k before a shocking nosedive to $78k due to negative macro sentiments heightened by the United States trade policies. While fears of these factors still exist, trades are pushing through with strong demand.
On-chain data shows crypto whales purchased over 43,100 BTC worth approximately $4 billion since the asset began its rebound. Initial massive buys were recorded on April 13, leading to a rise in short-term inflows. Although the majority of wallets were long-term holders, a decent number of short-term investors flooded the market.
This synergy heightened bullish demand, taking the assets past multiple resistance levels. On the flipside, profit-taking surged but was soon eclipsed by massive whale numbers. The drop in centralized exchange balances indicates long-term stability despite hiccups linked to profit-taking.
According to several traders, the next key resistance is $97,530, a psychological level that could unlock a new price rally. Meanwhile, Bitcoins realized capitalization hit an all-time high, igniting a new frenzy among holders. This metric values Bitcoin at the price it was last sold and not the current market value.
This provides a more realistic view of the invested value in Bitcoin by market participants, filtering out the noise from lost coins or coins held for extended periods without movement. It offers a more stable and accurate measure of overall market sentiment and the cumulative behavior of holders.
Arthur Hayes Makes Bullish Projection
Digital asset executive Arthur Hayes has contributed to increasing upward sentiment after sharing his future market outlook. The former BitMEX CEO stated that Bitcoins price could hit $1.5 million by 2028 based on growing US macro factors. A possible rise in US dollar liquidity could trigger inflows to digital assets.
Several institutions have also made huge Bitcoin price projections, citing global fiscal tensions and recent increasing Tradfi appetite. Furthermore, the positive White House stance is a key catalyst for global adoption in the coming years.
Read more: https://zycrypto.com/bitcoin-bulls-set-to-withstand-hiccups-as-whales-scoop-4-billion-btc/
Text source: ZyCrypto
