As a seasoned crypto investor with several years of experience in the market, I have learned to read between the lines of various market indicators and analysts’ opinions. Based on the current situation, I am cautiously optimistic about Bitcoin’s (BTC) recent price surge.
As a Bitcoin analyst, I’ve noticed an intriguing development in the market. Although Bitcoin (BTC) has been gaining bullish momentum lately, there’s been a noticeable decline in whale activity. Despite this trend, I anticipate a potential correction to around $52,000 could be on the horizon.
Bitcoin has experienced a 3.5% increase in value over the last 24 hours and is currently priced at $63,170. The market capitalization of this cryptocurrency has risen to an impressive $1.24 trillion, while its daily trading volume reaches $21.5 billion.
Based on Santiment’s data, there has been a noticeable decrease in the number of significant Bitcoin transactions over the last four days. Transactions worth $100,000 or more in value have dropped from a peak of 9,408 on May 9 to 4,974 at the time of reporting.
The decrease in whale transactions in Bitcoin could indicate that major investors are holding back, possibly waiting for price increases. This level of whale activity has not been seen since December 2018, according to the data.
According to a recent report dated May 12th, the Bitcoin network experienced its lowest level of on-chain activity in the past five years – a figure last observed in 2019.
Alternatively, the RSI of Bitcoin, as reported by Santiment, stands at 44. This implies that the cryptocurrency is slightly undervalued based on the data from this particular technical indicator.
With the recent indicators in play, BTC could potentially witness a further price hike.
Michaël van de Poppe, a seasoned investor and analyst, noted in a recent post on X that Bitcoin is presently holding at a significant level of support. A downturn caused by unfavorable news could potentially push the price down to $60,000.
As a crypto investor, I believe in holding firm at this point with Bitcoin hovering around the significant support level of $60,000. The recent dip could be attributed to various news events, but if we were to lose this level, it might indicate that a test between $52,000 and $55,000 is imminent. Therefore, I suggest continuing to accumulate and practicing patience in the meantime.
— Michaël van de Poppe (@CryptoMichNL) May 13, 2024
An analyst posits that dipping beneath the $60,000 mark might lead to a “re-examination” or “re-evaluation” between the price ranges of $52,000 and $55,000.
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2024-05-13 13:14