Bitcoin Week: Slow Growth, Whale and ETF Speculation # BTC # # Cryptocurrency # # ETH # # NASDAQ # # US Stocks # Blockchain Ethereum Bitcoin # Federal Reserve # Non Agricultural # CPI # Hong Kong # Singapore # # Market Speculation#As a leading cryptocurrency, Bitcoin has started the week relatively slowly and remains within the price range since the end of October. Over the past week, Bitcoin prices have slightly increased by 1
Bitcoin Week: Slow Growth, Whale and ETF Speculation # BTC # # Cryptocurrency # # ETH # # NASDAQ # # US Stocks # Blockchain Ethereum Bitcoin # Federal Reserve # Non Agricultural # CPI # Hong Kong # Singapore # # Market Speculation#
As a leading cryptocurrency, Bitcoin has started the week relatively slowly and remains within the price range since the end of October. Over the past week, Bitcoin prices have slightly increased by 1.74%. However, this gradual growth did not extend to other cryptocurrencies such as Ethereum, Solana, Cardano, XRP, and Litecoin, which saw a significant surge in value during the same period.
The reason for the slowdown in Bitcoin growth can be attributed to profit taking by small investors. Analyst "Mignolet" from CryptoQuant, an on chain analysis company, stated that the slow progress is due to sales of so-called "octopus" and "fish". Essentially, the 'octopus' entity holds 10 to 50BTC, while the' fish 'entity holds 50 to 100BTC. The selling pressure currently exerted by these entities is relatively weak.
Despite these challenges, there is still a glimmer of hope for Bitcoin. Entities with 1000-10000BTC (commonly referred to as "whales") are currently less active in driving down Bitcoin prices. Their increased activity is mainly related to internal wallet transfers, which may not necessarily indicate the overall health of the market or a downturn in investor sentiment.
It is worth noting that cryptocurrency analyst Ali Martinez emphasized that Bitcoin has recently exceeded the cost base of holders in the range of 6 months to 3 years, reaching $34150. If Bitcoin continues to remain above this level, it may lead to underwater holders regaining profits, which may indicate a shift in market sentiment towards a bullish trend.
Historical data shows that Bitcoin has exceeded its holding cost base for 6 months to 3 years three times in the past, leading to a significant bull market, with each increase of 4778%, 99%, and 787%, respectively.
Looking ahead, 2023 is expected to be an extraordinary year for Bitcoin. Since the beginning of this year, cryptocurrencies have risen by 110%, which many analysts attribute to the formation of the bottom of the cycle.
A major driver of recent market activity is speculation that the US Securities and Exchange Commission (SEC) may approve spot exchange traded funds (ETFs). Many experts believe that if the SEC approves spot ETFs, it may trigger a parabolic price increase, potentially pushing Bitcoin to break the milestone of $50000 and even reach a historic high within a few months.
As of the latest data, the transaction price of Bitcoin is $34919, which has increased by at least 1% in the past 24 hours.
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