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Is This Cycle’s Bitcoin Bottom In? Analysts Forecast BTC Bounce Back

As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time.

However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoin’s bottom this cycle might be in as this correction officially became its deepest retrace.

Is The Bitcoin Bottom Here?

In the early hours of Tuesday, Bitcoin started to plunge from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering.

This time, the recovery didn’t last long as Bitcoin’s price resumed its downward trajectory to $57,000. In an X thread, crypto trader Milkybull examined some data suggesting the bottom might finally be in.

According to the analyst, BTC is “following the 2017 PA.” This would suggest that “either the bottom is in or close.” Moreover, he urged investors to remember that while good news “usually signals the top,” bad news signals a bull market’s bottom.

In the thread, the trader pointed out that the Bitcoin Bull Market Support Band indicator historically serves strong support during BTC’s bull cycles. As a result, he considers that the flagship cryptocurrency might “wick through the support and bounce back.”

Bitcoin, BTC

According to the analyst, Bitcoin and global liquidity are also strongly correlated, with BTC currently at a level it has previously bounced back from. These bouncebacks initiated “huge rallies across the crypto market” in October 2022 and October 2023.

Lastly, the thread highlighted that Bitcoin “is at a critical decision point for the local bottom.” The trader considers that while some call for a $48,000 bottom, the $51,000 support level might be where BTC bounces back to resume its cycle to this cycle’s top.

Bitcoin’s Deepest Retrace This Cycle

According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post, today’s -23.64% retrace surpasses the -22.91% retrace seen in February 2023.

The analyst also compared this cycle’s “Post-Halving” pullback to 2016’s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think.

Previously, Rekt Capital listed three reasons these two cycles might be similar. Per the trader, the resemblances include the “Pre-Halving Re-Accumulation Range Breakout,” the “Pre-Halving Retrace Beginning,” and the “Similar Initial Reaction after the beginning of the Pre-Halving Retrace.”

After today’s retrace, the analyst added the “Continued downside in the three weeks after the Halving” as a fourth similarity between the 2016 and 2024 cycles. Like eight years ago, Bitcoin faces an “additional downside below the Range Low of its Re-Accumulation Range” in the three-week window after Bitcoin’s “Halving.”

Moreover, the analyst suggests that the current price development comes “as no surprise,” as it mirrors 2016’s “post-Halving Danger Zone.”

As of this writing, the flagship cryptocurrency is trading at $57,794.89. This correction represents a 6.2% drop in the past 24 hours. Similarly, BTC is registering 13.4% and 17.7% price decreases in the weekly and monthly timeframes.

BTC, Bitcoin, BTCUSDT

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Bitcoin Investors Remain Unmoved Despite BTC Drop Below $60,000, The Worst Is Almost Over

On Wednesday, Bitcoin sharply declined, dropping below the crucial $60,000 support level. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach new heights in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside. 

Bitcoin’s Decline Is Nothing To Be Scared Of

Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) post that Bitcoin’s recent price decline was not unusual, stating it was “pretty ordinary stuff.” He also pointed out that this was Bitcoin’s fourth 20% correction in the past 12 months, underscoring how normal these price movements are.  

Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals

Bitcoin

Alex Thorn, Head of Research at Galaxy Digital, had previously warned that price declines of such magnitude were to be expected, stating that “bull markets are not straight lines up.” He noted that the same thing happened in the 2021 and 2017 bull runs when Bitcoin experienced about 13 price drawdowns of over 10% or more. 

Meanwhile, crypto analyst Rekt Capital claimed in an X post that “this is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.” He added, “The longer this goes on, the better.” In another X post, he reassured his followers that Bitcoin is getting closer to its final bottom with each passing day. 

Like Rekt Capital, crypto analyst Mikybull Crypto also sounded confident that Bitcoin’s recent decline was just a part of the bigger picture for its move to the upside. They claimed this would be the “final shakeout before up, only rally to a cycle top.”

Thomas Fahrer, the CEO of Apollo, also shared his bullish sentiment towards Bitcoin, as he suggested that the crypto token’s volatility is what makes it a great investment. “Price might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet. Bitcoin is still the best asymmetric opportunity in the market,” he wrote on X. 

Bitcoin Bull Run Is Far From Over

Crypto analyst Ali Martinez suggested that Bitcoin’s bull run was far from over while comparing Bitcoin’s current price action to the last two halving events. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed. 

Bitcoin price

He further noted that Bitcoin has only consolidated for 60 days this time around, meaning that the flagship crypto will continue its run eventually. In a subsequent X post, the analyst stated that Bitcoin might be 538 days away from hitting its next market top if it follows its trend from the previous two bull runs.

Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here?

Before now, Martinez mentioned that Bitcoin could rise to a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. 

At the time of writing, Bitcoin is trading at around $59,600, down over 5% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com

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Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute.

Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024.

Bitcoin Is Falling, Losses $60,000

Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows.

This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point. 

Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5.

BTC remains in a bullish formation | Source: Analyst on X

Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800.

The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5. 

What’s Next? Will BTC Breach $100,000 In Wave 5?

 Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5. 

However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends.

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Bitcoin Euphoria Cools Off As BTC Distribution Enters Fear Zone

Bitcoin has finally broken below the $60,000 support level for the first time in two months. The world’s largest digital asset has largely been in a euphoria phase since the beginning of the year, particularly after the launch of Spot Bitcoin ETFs in the US market. However, the current consolidation of the price of Bitcoin indicates the euphoria might be fading.

According to a new report from Glassnode, an on-chain analytics firm, the euphoria surrounding Bitcoin, which has been active for the past 6.5 months, looks to be fading. At the same time, the BTC distribution has entered into the fear zone and investors are now heavily weighted towards selling.

Selling Pressure Rises

After reaching an all-time high of over $73,737 in March 2024, Bitcoin has declined by more than 18% as investors take profits. This drop in price has been accompanied by a rise in the percentage of addresses holding losses, indicating increased selling pressure. The percentage of addresses making a profit has fallen in tandem from over 99% to 86% at the time of writing. 

Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here?

On-chain analytics platform Glassnode noted in its recent report the consolidation action. According to the Net Unrealized Profit & Loss (NUPL) metric, Bitcoin has been in a euphoria mode very early in this cycle when compared to past cycles. Notably, the NUPL crossed over 0.5 approximately 6.5 months before the just concluded halving amidst hype about Spot Bitcoin ETFs.

This is in comparison to the 2021 market cycle, where the NUPL was triggered into a profit zone 8.5 months after the Bitcoin halving. This metric suggests the market is still in its euphoria phase for the last seven months but has cooled off significantly due to correction in the past two months.

Interestingly, the report noted a “distinct uptick in net outflows” across all wallet sizes throughout April, indicating the current sentiment among traders. This means traders are now in a sell-side pressure across the board. Furthermore, a majority of short-term (one week to one month) holders have been posting losses on the 90-day +1sd level since March. 

Bitcoin

What Does This Mean For Bitcoin?

While the “fear” rating may worry investors, a pullback after such a steep price rise is considered healthy by most crypto analysts. Many long-term holders are still holding strong and are waiting for the halving effect to kick in. At the time of writing, Bitcoin is trading at $59,899 and is down by 5.35% in the past 24 hours.

Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals

Considering the current cost-basis for short-term holders (STH) is at $66,700, and their realized price is at $59,800, many more holders in this cohort have possibly entered into the loss zone. 

According to crypto analyst Ali Martinez, $59,800 is a key price level to watch, as history has shown Bitcoin tends to bounce over the STH realized price.

Bitcoin price chart from Tradingview.com

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Bitcoin Milestone Ahead? Analyst Forecasts New Peak This Month

In the face of a general market decline and pessimism, Captain Faibik, a cryptocurrency expert and enthusiast, has emerged with an optimistic outlook for Bitcoin (BTC) foreseeable future trajectory, predicting that the crypto asset could rise to a new all-time high before this current month closes. 

Bitcoin To Reach New All-Time High In May

Faibik’s analysis, which is based on his in-depth knowledge of cryptocurrency dynamics and a sharp eye for market trends, explores the possibility of a large short-term rise in Bitcoin. According to the analyst, Bitcoin is at a key junction currently testing the daily Moving Average 100 (MA100) level once more after recovering from it in the past.

Bitcoin

Historically, the crypto asset has found considerable support at the 100MA level. Should BTC recover from this point on, Captain Faibik anticipates a significant rise on the upside in the upcoming days. Thus, he expects the digital asset to reach a new all-time high within the month.

The post read:

Last time, BTC bounced back from the daily MA100, and now it is testing it again. If it bounces back from here, we can expect a Bullish Rally in the coming days. New All the High could be incoming this month

The crypto analyst noted Bitcoin’s price action in the daily timeframe also suggests that a bullish rise is on the horizon. Faibik stated that on the daily timeframe chart, BTC is still moving above the major trendline and inside the green box indicated in his chart. As a result, the analyst expects BTC to undergo a quick comeback.

Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months

Another notable finding from Captain Faibik is that the daily Relative Strength Index (RSI) has been drifting below a trendline that has been in place for some months. Although this might indicate a brief waning of positive momentum, Faibik interprets it as a sign of an impending price recovery for Bitcoin. Given that BTC is still moving inside the bullish flag pattern, the expert anticipates a bounce back towards $68,000 in the upcoming days.

$100,000 Price Target For BTC

Captain Faibik’s most bullish target for BTC recently is the $100,000 price mark. Last week, Faibik pointed out key narratives that could catalyze Bitcoin’s price to $100,000 in the coming months.

According to the expert, the presence of bullish investors in the market was the reason why BTC was trying to make a comeback in the previous week. Thus, for a significant price increase to $100,000, these investors must retake the crucial resistance level of $72,000.

Furthermore, Faibik highlighted that BTC Bulls have solidly secured the weekly Exponential Moving Average (EMA) 10 following the October 2017 Descending Channel breakout. Due to this, the crypto analyst is setting $100,000 as the digital asset’s next price target.

Following a decrease of more than 13% over the previous 7 days, the price of Bitcoin is currently trading at $57,701. In the last day, its market cap has plummeted by over 6%, while its trading volume has increased by about 61%.

Bitcoin

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Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K?

Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone.

  • Bitcoin started another decline and traded below the $61,200 zone.
  • The price is trading below $62,000 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week.

Bitcoin Price Reaches Support

Bitcoin price started another decline below the $62,500 support level. BTC dropped below the $61,200 level as the bears took control. They even managed to push the price below $60,000.

A low was formed at $59,110 and the price is now consolidating losses. There was a minor increase above the $60,000 level and the 23.6% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. Immediate resistance is near the $60,400 level. There is also a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair.

The first major resistance could be $61,200. The next key resistance could be $62,000 or the 50% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $62,000 resistance might send the price higher. The next resistance now sits at $62,500. If there is a clear move above the $62,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $64,000.

More Downsides In BTC?

If Bitcoin fails to rise above the $60,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $59,500 level.

The first major support is $59,100. If there is a close below $59,100, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,400 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $59,500, followed by $59,100.

Major Resistance Levels – $60,400, $61,200, and $62,000.

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Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin

A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions. 

Analyst Predicts ETH/BTC Bottom Timeline

In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle. 

Sharing insights on the market conditions, Cowen noted striking similarities between the present market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two months before the Federal Reserve (FED) cut down rates. 

Cowen predicts that the ETH/BTC ratio will reach the lowest point in its price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot.” The crypto expert expects this pivot to occur in a few months, ultimately suggesting that Ethereum would bottom against Bitcoin in the coming months. 

His analysis is also based on the assumption that macroeconomic conditions and the FED’s monetary policies can significantly impact the cryptocurrency market. Sharing a price chart of Ethereum against Bitcoin in another post, Cowen projected that the ETH/BTC ratio will head towards a range of 0.03 and 0.04 by summer. 

Commenting on his prediction of ETH/BTC’s bottom, a crypto community member expressed skepticism about the FED’s likelihood of cutting down rates while inflation was still high. Cowen responded that the absence of a rate cut further reinforced his beliefs that the ETH/BTC ratio has not yet reached its lowest point. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue on its downward trend. 

Crypto Expert Calls Ethereum A Higher Risk Asset

In another post, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum against Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk assets typically depreciate relative to lower-risk assets.

He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054. 

While acknowledging his past successes in predicting ETH/BTC price movements, Cowen highlighted that his predictions remain speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.”

Ethereum price chart from Tradingview.com

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USDT Dominance Falling, Analyst Predicts Bitcoin To Reach $80,000

Though Bitcoin prices are fast-dropping, looking at events in the daily chart, one analyst thinks the coin is gearing up for a comeback, citing developments in the USDT dominance chart, or USDT.D. 

USDT Dominance Falling, Good For BTC?

Taking to X on April 29, the analyst said USDT.D recently fell, breaking below a critical support trend line. Thus far, USDT.D faces strong rejections at immediate resistance levels, signaling weakness.

All this, while considering the inverse relation the USDT.D chart has with Bitcoin, the analyst now expects the world’s most valuable coin to tear higher, reversing recent losses and rejuvenating the broader crypto scene.

USDT dominance chart | Source: TradingView

To understand what’s going on, one has to understand what the USDT.D chart represents. In essence, it compares the market capitalization of USDT, the world’s largest stablecoin, versus the total market capitalization of other stablecoins, including USDC, DAI, FUSD, and every other USD-pegged asset.

This chart reflects the dominance of USDT in the stablecoin scene. However, analysts have also been using this chart to gauge sentiment and correlation with Bitcoin. 

As expected, USDT.D and Bitcoin, analysts note, enjoy an inverse correlation. Since stablecoins like USDT act as a safe haven when prices are plunging, USDT.D will rise when BTC prices are plunging and fall whenever Bitcoin is tearing. 

Following the drop below the support trend line and dipping USDT dominance, the analyst predicts Bitcoin prices will stabilize and even expand in the sessions ahead. So far, BTC is under pressure, shrinking by over 15% from all-time highs.

Meanwhile, the USDT.D chart has found resistance. If it rejects, it could signal the resumption of Bitcoin’s early Q1 2024 uptrend.  

Bitcoin Bears Pressing On: Next Stop $60,000?

Currently, Bitcoin is trending lower but above $60,000. Despite the slowdown, the possibility of BTC finding traction and expanding, even reclaiming $73,800, cannot be discounted.

The analyst expects a “massive leg up” for Bitcoin should USDT.D continue falling, aligning with the support trend line break. According to the analyst’s projection, BTC can rally above the all-time high towards $80,000 or even higher.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Even so, though the analyst is optimistic, BTC prices will not be guaranteed to fly because of shrinking USDT dominance.

Shifting market dynamics, including institutional adoption via spot Bitcoin exchange-traded funds (ETFs) and even regulatory developments, such as the United States Securities and Exchange Commission (SEC) initiating charges against stablecoins as it did for BUSD, can impact Bitcoin prices or USDT dominance.

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Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin

Crypto analyst Ali Martinez has provided insights into why $59,800 is a crucial price level for the Bitcoin future trajectory. The analyst revealed two things that could happen if the flagship crypto drops that low. 

Why $59,800 Is An Important Level For Bitcoin

Martinez mentioned in an X (formerly Twitter) post that the Bitcoin short-term holder’s (STH) realized price is at $59,800. He added that BTC historically often bounces off this level during an uptrend, which would mean that the flagship crypto could experience a massive pump if it were to drop to that price level.

Bitcoin $59,800

However, Martinez also warned of what could happen if Bitcoin fails to experience this bounce, noting that a fall below this level could “trigger notable Bitcoin price corrections.” Although the crypto analyst didn’t mention how low Bitcoin could drop, his choice of words suggests that a price breakdown for the crypto token could be severe. 

STH is an important metric that measures the average price at which Bitcoin short-term investors bought the crypto token. A drop to that level suggests that these short-term investors have realized their profits, which leaves room for Bitcoin to make another run following this wave of sell-offs. 

On the other hand, as Martinez warned, Bitcoin could drop further if it fails to establish support at that level. This brings crypto analyst DonAlt’s recent prediction into context. He hinted that BTC could fall between $52,000 and $47,000 if it eventually breaks the $60,000 support level. 

Meanwhile, Martinez also drew the crypto community’s attention to the $61,900 mark, which he remarked has “consistently been a crucial support level for Bitcoin.” He further claimed that BTC could rise to as high as $71,000 if it continues to hold above that level. 

Is The BTC Top In?

In a more recent X post, Martinez gave his opinion on whether or not Bitcoin has reached its market top. He tried to analyze it from both sides of the divide. First, he noted that a spike in BTC’s realized profits has “historically coincided with market tops.” He then revealed that Bitcoin’s realized profits skyrocketed to $3.52 billion when it hit $73,880 last month. 

This would suggest that the market top was indeed in. However, Martinez added that he was waiting for another confirmation before confidently claiming that the market top is in. He claims that this confirmation will come if BTC achieves a sustained close below the short-term realized price, currently around $59,800. 

Meanwhile, he further stated that this market top theory could be invalidated if Bitcoin surges above $66,250 and claims this area as support. Bitcoin rising above that price level will help it gain the strength it needs to move towards $69,150. If BTC eventually breaches that resistance level, Martinez claimed it could advance to a new all-time high (ATH) of $92,190. 

At the time of writing, Bitcoin is trading at around $62,300, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoinprice chart from Tradingview.com

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Major Bitcoin Developments Points To A Wilder Bull Cycle Than Anticipated

Lark Davis, a well-known cryptocurrency analyst and trader, has identified several significant developments in the Bitcoin ecosystem that could trigger an even more intense bull cycle than initially anticipated. Davis’s perspective delves into the revolutionary changes in the Bitcoin ecosystem, such as institutional and global acceptance, which hold the potential to accelerate the current bull market.

According to the analyst, there is about to be a big shock to the Bitcoin supply. This is a result of miners now being able to produce just 450 BTC each day, due to the recently concluded Bitcoin Halving event, which cut down miners’ reward in half.

Bitcoin Spot ETFs Poised To Catalyzed Prices

Another key catalyst pointed out by Davis is the US Spot Bitcoin Exchange-Traded Funds (ETFs). Since the approval of the products by the United States Securities and Exchange Commission (SEC) on January 10, over 3,000 BTC have been purchased on a daily basis. Consequently, BTC witnessed a surge of nearly 60%, rising from around $46,000 to $73,000 after the SEC green light BTC spot ETFs.

The latest country to approve the Spot Bitcoin ETFs is Hong Kong. Two weeks ago, the Securities and Futures Commission of Hong Kong granted approval for BTC Spot ETFs to multiple leading asset managers, thereby positioning the city as a primary hub for these products. Given the previous impact of the funds propelling BTC to a new all-time high, the approval of the products in HK could cause the asset to see another surge in value.

Hong Kong’s move to approve the spot ETF products, which have already started trading today, has inspired other Asian countries, such as South Korea, Japan, and Singapore, to consider doing the same. On the other hand, the Australia Securities Exchange is already on the verge of accepting the funds within the year.

As a result of these developments, institutions from all around the world are vying for a share of the Bitcoin market. This could trigger a much broader adoption of BTC, thereby impacting prices significantly.

Davis highlighted that the availability of Bitcoin on all exchanges is presently at a record low, and the OTC desks are getting low. Due to this, the crypto expert believes this current bull cycle will be far crazier than predicted.

BTC Prices Continue To Struggle

Despite the funds clearance in Hong Kong, BTC has yet to witness major price movements, as it continues to struggle between $61,000 and $66,000. Given this, several analysts are anticipating a further price decline in the coming weeks.

Bitcoin is currently trading at $61,322, indicating a decline of 1.60% in the last 24 hours. Its trading volume has increased by 41%, but its market cap is down by over 1% in the past day.

Bitcoin

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Bitcoin Price Bounces Back To $64,500 But Is It Enough To Avoid Drop?

Bitcoin price found support at $61,800 and recovered higher. BTC jumped to $64,500 and is currently consolidating gains above $63,500.

  • Bitcoin started another increase after it found support near the $61,800 zone.
  • The price is trading above $63,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $63,200 support zone to continue higher in the near term.

Bitcoin Price Holds Ground

Bitcoin price started another decline below the $63,500 pivot level. BTC dropped below the $62,000 level before the bulls emerged. A low was formed at $61,774 and the price started a recovery wave.

There was a move above the $62,500 and $63,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair. The pair even spiked above $64,500 and tested $64,750.

A high was formed at $64,738 and the price started a downside correction. There was a move below the $64,000 level. The price tested the 50% Fib retracement level of the upward move from the $61,774 swing low to the $64,738 high.

Bitcoin is now trading above $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear move above the $64,750 resistance might send the price higher. The next resistance now sits at $65,500.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,200. The next major resistance is near the $68,000 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level.

The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward $61,750. Any more losses might send the price toward the $61,200 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $63,500, followed by $63,000.

Major Resistance Levels – $64,000, $64,500, and $65,500.

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Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving—What’s Next For Miners?

In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community.

Bitcoin’s Latest Halving Sends Hash Price Into Freefall

As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH/s per day.

Bitcoin Hashprice Index

The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power.

Despite Bitcoin’s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric.

This reduction in potential earnings comes when the overall cryptocurrency market, including Bitcoin, is experiencing volatility.

This downturn in hash price is not isolated but coincides with other declining metrics in BTC. According to TradingView, Bitcoin’s dominance index has also reduced, highlighting a decrease in capitalization relative to the total crypto market.

Bitcoin’s dominance has declined from 57.10% mid-month to approximately 54.69% today. Concurrently, Bitcoin’s market value has also trended downward; over the past week, the cryptocurrency experienced a decrease of about 4.4%.

This downward trend persisted into the past day, with Bitcoin’s price dropping an additional 0.8%.

Bitcoin (BTC) price chart on TradingView

Signs Of A Bullish Future Amid Bitcoin Current Slump

Despite the downward turns, analysts like those from CryptoQuant suggest that bullish signals might still be on the horizon. They point to the Adjusted Spent Output Profit Ratio (aSOPR), which, despite current market indecisiveness, continues to exhibit bullish trends.

Moreover, expert analysts like Rekt Capital have weighed in with a long-term perspective, suggesting that Bitcoin could see a significant rally as part of this halving cycle, drawing parallels with previous cycles.

Historical data shows that Bitcoin typically reaches a market peak within 500-550 days post-halving. If these patterns hold, Bitcoin could be poised for substantial gains by mid to late 2025, reinforcing the cyclical nature of this leading digital asset’s market movements.

Overall, while the immediate effects of the halving on hash price and market dynamics paint a sad picture, the underlying data indicates a mix of caution and optimism.

Featured image from Unsplash, Chart from TradingView

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Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch

The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market. 

With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.

HK Bitcoin ETF Market Poised For Record-Breaking Debut

Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.

This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars. 

Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia. 

Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market. 

According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.

Unprecedented Investment Options

One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings. 

Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold. 

Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.

Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang. 

Mainland Chinese Investors Restricted

Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support. 

Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.

On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race. 

Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.

Bitcoin ETF

Currently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run. 

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Prediction For May: Crypto Analyst Predicts Breakdown To $42,000

Crypto analyst DonAlt has outlined a scenario where the Bitcoin price could drop to as low as the mid-$40,000. He further suggests that this price breakdown might be necessary for the continuation of BTC’s bull run.

How Bitcoin Could Drop To As Low As $47,000

In an update to his Bitcoin analysis, DonAlt noted that Bitcoin had dropped back to around the $60,000 price range and could eventually break that support if it continues to be tested. From the accompanying chart he shared, the crypto analyst hinted that a price breakout below the $60,000 range would see Bitcoin drop to $52,000 or even further down to $47,000. 

Bitcoin price prediction

Meanwhile, he added that this might be something even the bulls want, so there could be a washout below $60,000, which would shake off weak hands. DonAlt also seems to support a price breakout below the support area, as he shared his belief that there is currently complacency in the market. 

This is when crypto investors ignore the risks associated with Bitcoin, having seen price increases for an extended period. DonAlt said he would continue to hold this complacency belief until proven otherwise. For that to happen, he remarked that Bitcoin would need to reclaim $68,000 or drop below $60,000 and reclaim that support level again. 

Denis Baca, Head of Product at Zivoe Finance, also recently suggested that BTC could drop below $60,000 before it makes any parabolic move. This was a huge possibility, especially since Baca noted that the flagship crypto historically retests the support level of the 20-week SMA (small moving average) in May. He claimed this could cause Bitcoin to drop to $56,000. 

BTC Bulls Are Getting Overwhelmed By The Bears

Bitcoin bulls look to be succumbing to the pressure from the bears. Crypto analyst Ali Martinez revealed in an X post that there has been a “noticeable dip in Bitcoin whale activity” since March 14. This suggests the current market downtrend could be diminishing their confidence, as these whales are always known to accumulate more during every price dip. Martinez added that a “surge in whale transactions could be the spark needed to boost” BTC’S price.

Meanwhile, CryptoQuant’s Head of Research, Julio Moreno, recently noted that Bitcoin’s price has remained tepid due to the slowdown in demand. He alluded to the Spot Bitcoin ETFs, which have seen their demand decline this month. Like Martinez mentioned, Moreno stated that there needs to be a “demand growth” for Bitcoin to experience another rally. 

At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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$59,600: Analyst Explains Why Bitcoin Must Stay Above This Level

Bitcoin bulls may soon be back in business. According to Willy Woo, an on-chain analyst, market data shows that urgent “market sells” responsible for forcing the coin from all-time highs are now falling. This development may prop up prices, preventing further sell-offs.

Bitcoin Selling Pressure Easing

This preview is due to falling Cumulative Volume Delta (CVD) data, an on-chain indicator that can also track market sentiment. Specifically, it tracks buying and selling aggression from market participants. Now that CVD is dropping, Woo says more BTC holders are likely willing to weather the storm. Their decision may directly support prices. 

Bitcoin CVD data | Source: Willy Woo on X

Woo adds that BTC must reject selling pressure and end the current short-term weakness as things stand. As on-chain data shows, BTC should stay above $59,600. The CVD lie has historically separated bullish and bearish zones. 

Based on this, BTC should remain above the $60,000 round number for the uptrend to be sustained. If not, and bears take over, pressing prices lower below the CVD level could signal the beginning of a new bear regime.

Thus far, BTC is under immense selling pressure, shaving approximately 15% from all-time highs. The coin has support at around the $60,000 and $61,000 zone, moving inside a range. Resistance is at an all-time high of around $74,000 on the upper end. 

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Based on this preview, any losses below $60,000, as Woo notes, would likely see BTC dump. The coin might drop to $53,000 in the short term, torching stop losses and fueling the sell-off.

Will Hong Kong Spot ETF Launch Lift Prices?

Whether BTC bulls will flow back depends mostly on institutional involvement in the days to come. Following the approval of spot Bitcoin exchange-traded funds (ETFs) in January, prices spiked higher, breaking previous all-time highs.

Institutional involvement has been vital. However, inflows have slowed down, especially in the last two weeks of April. Analysts are now looking at the launch of spot Bitcoin ETFs in Hong Kong on April 30. 

In a recent interview, Zhu Haokang, the Head of Digital Asset Management in Hong Kong, is bullish. Haokang expects trading volume to eclipse those seen in the United States. The executive says the product is unique, allowing for a physical subscription that’s more attractive for BTC miners. Moreover, it is global, drawing interest from Singapore and the Middle East investors.

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Cracking the Crypto Code: ETH/BTC Signals The Next Altcoin Explosion – Here’s How

Recently, a seasoned crypto investor, Daan Crypto Trades, offered a fresh perspective on evaluating altcoin market sentiment.

Daan believes the ETH/BTC ratio is a superior indicator of altcoin market sentiment over the SOL/BTC ratio, showing data that suggests the potential for an upcoming altcoin season.

ETH/BTC vs. SOL/BTC: Decoding The True Alts Barometer

Daan Crypto Trades has challenged the emerging view that SOL/BTC might be a better gauge for altcoin strength, arguing instead for the enduring relevance of ETH/BTC. According to Daan, while Solana’s performance has been notable, it hasn’t significantly impacted Bitcoin’s dominance, which remains strong.

This observation suggests that SOL/BTC may not accurately reflect broader alternative coins market trends. On the other hand, ETH/BTC has historically mirrored shifts in altcoin market sentiment more closely, making it a more reliable metric.

This distinction is crucial for investors seeking to understand the real-time health and potential shifts within the broader altcoin market.

Daan’s analysis points out that significant movements in the ETH/BTC ratio have often preceded dynamic phases in the altcoin market, commonly referred to as ‘altcoin seasons.’ These periods are characterized by rapid price increases across altcoins, often outpacing Bitcoin.

Signs Of An Emerging Altcoin Season?

Current market analysis by Daan and on-chain data from Santiment underline a brewing sentiment that could lead to another alternative coins season. Santiment’s report highlights an unusual accumulation pattern across altcoins, with their Market Value to Realized Value (MVRV) ratios suggesting many are undervalued.

Over 85% of altcoins analyzed are currently positioned in what Santiment describes as the historical “opportunity zone.” This zone indicates that the assets are trading below their realized value, presenting potential buying opportunities for savvy investors.

Further reinforcing this sentiment, the Bitcoin dominance index (BTC.D), which tracks Bitcoin’s market cap relative to the entire crypto market, has slightly declined. BTC.D has dropped from 57.10% as of the middle of this month to roughly 54.69% as of today.

Bitcoin Crypto Market Dominance on TradingView

This decline could suggest that capital is beginning to flow more substantially into altcoins. Notably, the combination of favorable MVRV ratios and shifting dominance lends credence to Daan’s assertion that an alternative coins season may be on the horizon, ready to unleash notable gains similar to past cycles.

Featured image from Unsplash, Chart from TradingView

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Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late 2025

Following the fourth Bitcoin Halving, Rekt Capital, a popular cryptocurrency trader and expert, has offered a compelling narrative on the future trajectory of Bitcoin, predicting that the crypto asset could peak this bull cycle in the following year. Rekt Capital’s analysis emphasizes on the possibility that this current cycle could reiterate past Halving cycle trends, positioning BTC for significant gains in the coming months.

Bitcoin Could Mirror Past Halving Cycle

According to the analyst, Bitcoin reached its all-time high within 518 days following the Halving in the 2015–2017 cycle. Meanwhile, after the event in the 2019-2021 bull cycle, the digital asset topped out within 546 days. This suggests that the event has always catalyzed massive growth for the leading cryptocurrency asset.

Should the past trend hold, the next bull market top might happen between 518 and 546 days following the recently concluded fourth Halving, particularly around the middle of September or middle of October in 2025, according to Rekt Capital.

The analyst noted that in this cycle Bitcoin is accelerating by about 220 days currently. Thus, the longer time BTC consolidates after this Halving, it will be better for resynchronizing this current cycle with the previous events cycle.

Bitcoin

Rekt Capital also noted that Bitcoin has experienced further declines in the three weeks after the Halving, according to historical data from 2016. He has labeled the period as the Post-Halving “Danger Zone,” this is where there is a chance of downside volatility at the range low of the Re-accumulation Range.

In 2016, approximately 21 days after the occurrence, Bitcoin saw a lengthy -11% decline before gaining momentum toward the upside. However, data for 2016 indicates that if there will be downside volatility in this cycle around the Re-Accumulation Range Low, it may happen during the following 15 days.

Although the post-Halving danger zone ends in 15 days, the 2016 data indicates that there may be some negative volatility in the interim, possibly reaching the $60,600 Range Low.

Parabolic Phase For BTC

It is worth noting that Rekt Capital anticipates a parabolic phase after the re-accumulation phase is concluded. During this stage, Bitcoin usually sees massive growth leading all the way up to a new all-time high.

In the previous Halvings, Bitcoin would historically consolidate in this Re-Accumulation Range for up to 150 days before ultimately entering a parabolic phase. Once BTC breaks out of this re-accumulation stage, Rekt Capital expects BTC to see a parabolic upside by September this year if it consolidates within the aforementioned timeframe.

At the time of writing, BTC was down by over 5% in the past 7 days and was trading at $62,504. Presently, its market cap is down by 1.53%, while its trading volume has increased by over 22% in the last 24 hours.

Bitcoin

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CryptoQuant Analyst Reveals Signal That Shows Bitcoin Is Still Very Bullish

The Bitcoin price movement in the past few days after the halving event has left many investors wanting. Particularly, price data shows the crypto failed to settle above $65,000 las week. At the time of writing, Bitcoin is trading at $62,105, down by 2.96% and 6.14% in the past 24 hours and seven days, respectively. 

According to a CryptoQuant analyst, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) is still looking bullish, which could be a faint signal of the crypto’s price reversing into bullish momentum.

Current State Of Bitcoin

As it stands, the price of Bitcoin might be on the way to registering a new monthly low with the risks of more downside below $62,000. A recent analysis during the weekend by Phi Deltalytics, an analyst at CryptoQuant, noted that Bitcoin’s price trajectory is showing indecisiveness in the short term. His analysis is based upon the SOPR ratio, one of the lesser-known but highly useful metrics for analyzing Bitcoin.

SOPR measures the profit ratio of spent outputs, which are groups of transactions representing the movement of coins.  Phi’s analysis revealed an interesting indecisiveness with this metric. According to this metric, Bitcoin’s short-term Spent Output Profit Ratio (SOPR) has entered into a zone of indecisiveness, correlating with the current market sentiment. However, the analyst also noted that the adjusted SOPR continues to move in a bullish direction, a confluence that warrants careful planning when entering the market.

What Does This Mean for Bitcoin?

This discrepancy with the SOPR and its adjusted ratio means many short-term holders are now trading Bitcoin at a loss. Interestingly, another CryptoQuant analysis seems to support this idea. Specifically, the long-term SOPR to short-term SOPR ratio is moving in favor of long-term holders, suggesting that long-term holders are realizing greater profits in contrast to short-term holders. Hence, there is persistence of bullish momentum with the adjusted SOPR. 

A better interpretation of this SOPR ratio is that the price of Bitcoin has not been favorable for short-term holders at the current market conditions. Furthermore, it suggests that the stalling of the upward momentum can be attributed to some long-term holders cashing out their holdings. 

According to Phi Deltalytics, a reversal of the adjusted SOPR into a bearish signal would finally imply the possibility of a rapid downward shift in the price of Bitcoin.

“The persistence of a bullish aSOPR amidst wavering short-term SOPR trends gives rise to the possibility of a rapid downward shift once the aSOPR trajectory reverses,” the analyst mentioned.

When Will The Correction End?

Bitcoin’s price has been ranging between $60,000 to $70,000 since it reached a new all-time high. The much-anticipated break above $74,000 now seems to be taking forever, and this lackluster action has prompted some analysts to believe that Bitcoin might have reached its peak in the current market cycle. 

However, time can only reveal the crypto’s price trajectory in the coming months, particularly with the recent conclusion of another halving event. If halving history repeats itself, Bitcoin could continue its price surge within the next nine months.

Bitcoin price chart from Tradingview.com

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Bitcoin Price Grinds Lower As Bears Aim For New Monthly Low

Bitcoin price struggled to settle above the $65,000 zone. BTC is again moving lower and there is a risk of more downsides below $62,000.

  • Bitcoin started another decline after it failed to surpass the $64,000 resistance zone.
  • The price is trading below $64,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower if there is a daily close below the $62,400 support zone.

Bitcoin Price Dives Again

Bitcoin price attempted a fresh increase above the $64,000 zone. However, BTC failed to gain pace for a move above the $65,000 resistance zone. A high was formed at $64,301 and the price started another decline.

There was a move below the $63,800 level. The price declined below the 50% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Bitcoin is now trading below $63,200 and the 100 hourly Simple moving average.

There is also a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signalling a bearish bias below the 76.4% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high.

Immediate resistance is near the $63,350 level or the trend line. The first major resistance could be $64,000 or $64,300. A clear move above the $64,300 resistance might send the price higher. The next resistance now sits at $65,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500. The next major resistance is near the $66,200 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $63,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,400 level.

The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,400, followed by $62,000.

Major Resistance Levels – $63,350, $64,000, and $65,000.

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Bitcoin Whale Activity Declining – Why A Turnaround Is Important

According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline in high-value transactions over the last few weeks. This sluggish activity has been mirrored by the price of the premier cryptocurrency, which has struggled to break out of consolidation throughout the month of April.

In the past week, the Bitcoin price struggled to hold above $67,000 despite touching the level multiple times. The price of BTC has since been in a tumble and is down by more than 2% in the last seven days, according to data from CoinGecko.

Interestingly, the recent on-chain data suggests that this underwhelming price performance might persist for the market leader unless there is a turnaround, especially in terms of network activity.

Can Whale Activity Push BTC Price Beyond $73,000?

Prominent crypto analyst Ali Martinez took to the X platform to reveal that the Bitcoin whale activity has been declining steadily in the past six weeks. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of BTC transactions worth more than $100,000 and $1 million.

Whales refer to entities or individuals that own substantial amounts of a particular cryptocurrency (Bitcoin, in this case). As such, they hold significant influence over market dynamics due to their capacity to execute large transactions, which can trigger speculation and potential price shifts.

Martinez highlighted in his post that there has been a noticeable decline in Bitcoin whale activity since March 14, the same day the premier cryptocurrency hit a new all-time high price of $73,737. This dip in activity has coincided with the recent underperformance of Bitcoin’s price.

However, the crypto analyst mentioned that an increase in high-value transactions could breathe life into the price of BTC. This is based on the reasoning that a surge in network activity could imply high demand for Bitcoin, leading to elevated prices. 

As shown in the chart below, the peak of the whale transaction count correlates with the new record-high price of BTC.

Bitcoin

Active Bitcoin Wallets On The Rise: Santiment

An interesting piece of on-chain data that may suggest increasing demand for Bitcoin and a bullish future for its price has come to light.  According to Santiment, the number of active Bitcoin wallets is increasing rapidly despite the choppy state of the market.

Active Bitcoin wallets refer to the total number of unique addresses holding BTC. Santiment data shows that the number of these “non-empty BTC wallets” has climbed by more than 2.5% in the last three months.

As of this writing, Bitcoin trades just above $64,000, reflecting a 1.6% price increase in the past day.

Bitcoin