Cryptocurrency analysts Michaël Van de Poppe and Satoshi Stacker are projecting a bullish future for Bitcoin halving. They predict the leading cryptocurrency will reach $50,000. This forecast is based on recent developments in the crypto market and the potential approval of Exchange-Traded Funds (ETFs).
Analyst Van de Poppe’s Perspective
Van de Poppe attributes the favourable outlook for the Bitcoin bull run to an overall positive sentiment in the crypto space. He highlights the role of growing speculation regarding ETF approval in driving Bitcoin’s recent surge.
Moreover, Van de Poppe emphasizes the importance of Bitcoin’s price remaining above a certain level. It is crucial in order to sustain its current bullish trajectory. He suggests that if this upward trend continues, Bitcoin could experience a pre-halving surge. That way, it could even target a price range of $45,000 to $50,000 by January 2024.
Satoshi Stacker’s Analysis
Satoshi Stacker, another notable figure in Bitcoin analysis, shares a similar optimism. He anticipates a year-end rally for Bitcoin, supported by historical data revealing significant price increases. Particularly in the early months of the year, which often lead to substantial gains later.
Stacker notes that this historical trend, observed over the past decade, indicates a 71.00% chance of a year-end rally. The fact is strengthening his belief in Bitcoin’s potential to conclude the year on a positive note.
Growth in Bitcoin Profit with Over $1K of BTC
Additionally, the total of blockchain addresses containing $1,000 or more in Bitcoin (equivalent to 0.028 BTC at the current $35,115 price) has achieved a new peak, reaching 8 million. This growth suggests increasing purchasing power among Bitcoin holders, potentially contributing to a long-term bullish trend for the cryptocurrency.
Blockware Solutions and Glassnode, which tracked this data, highlight that the number of such addresses could continue to grow, representing a significant pool of potential buyers for Bitcoin.
These positive projections come as Bitcoin has witnessed a nearly 25.00% gain over four weeks, driven by expectations of the US Securities and Exchange Commission approving spot Bitcoin exchange-traded funds (ETFs). This optimism has also spurred increased activity by large Bitcoin holders.
Whale Activity and Short-Term Price Trends
However, recent reports reveal that some Bitcoin whales have shown less activity, and selling pressure is originating from holders with holdings ranging from 10 to 100 BTC, as opposed to the larger whales with 1,000 to 10,000 Bitcoins.
Data from Santiment further suggests that whale transactions involving at least $100,000 worth of Bitcoin have declined by 65.00% since November 1. Meanwhile, Bitcoin’s open interest in futures contracts has reached $6.9 billion.
The Binance USDT funding rate for Bitcoin currently stands at 0.01%, indicating a higher proportion of short positions compared to long positions. However, specific quantities of short and long positions are not specified.
Bitcoin Revival: Recent Whale Movement
Bitcoin’s recent performance has seen minor fluctuations, with a 0.05% drop in the past 24 hours, trading around $35,100. Bitcoin’s upcoming halving helped the sentiment. Despite these short-term variations, Bitcoin continues to maintain a market dominance of 51.80%, with a total market capitalization exceeding $686 billion. Additionally, Bitcoin’s 24-hour trading volume has surged by 28.00% over the past day, reaching $12.5 billion.
Notably, a recent significant transfer of Bitcoin from the Binance exchange to an unknown wallet has attracted attention. At the time of publication, the price of Bitcoin (BTC) has remained relatively stable, trading at approximately $35,100.
This comes as last week saw the movement of 6,500 BTC from three wallets, stirring interest as these Bitcoins had not moved in six years, originating from a November 5, 2017 deposit.
Meanwhile, Binance has been experiencing substantial outflows for several months, with billions of dollars worth of crypto assets withdrawn from the exchange. This movement intensified following a lawsuit initiated by the US Securities and Exchange Commission (SEC).