As a seasoned crypto investor with a knack for reading market trends and understanding game theory, I find myself intrigued by the current Bitcoin landscape. The US government’s potential sale of seized Silk Road Bitcoins could undoubtedly sway the market if it decides to act. However, as history has shown us, the Bitcoin whales have always found a way to navigate such turbulent waters.
The struggle over Bitcoin‘s value persists, with large investors amassing significantly more Bitcoins in recent times, contrastingly, the U.S. government has been granted permission by the court to auction off 69,000 BTC that were forfeited from an individual involved in the Silk Road case.
Game theory in play
Is it possible that the price of Bitcoin remains stable because investors are holding back to observe if the U.S. government will auction the 69k Bitcoins seized from Silk Road? Although there’s uncertainty about whether the government will actually sell this substantial amount, it is clear that a court has authorized them to do so should they choose to.
As a researcher examining the global distribution of Bitcoin ownership, I’ve discovered that the U.S. government currently holds the largest share, with approximately 203,239 Bitcoins in its possession. Should the government choose to liquidate this stockpile, it would drop the U.S. down a notch on the list of countries holding Bitcoin, potentially placing China ahead. With game theory poised to take center stage, such a move could unwittingly backfire for the U.S., proving detrimental in the long run.
New whales enter and buy rapidly
It appears that large investors, or “whales,” are buying Bitcoin (BTC) quickly, which could be good news for Bitcoin optimists.
According to the image provided by “Coinvo” from Mr Crypto X’s account, it illustrates the current situation. Previous big investors (whales) bought their Bitcoin holdings some time ago, whereas new large investors are currently purchasing as there is a possibility that the bull market could surge again soon.
$BTC respects ascending trend line
looking at the short-term Bitcoin (BTC) graph, we can see that the recent upward trend is being upheld by a rising trend line. At present, the price is hovering near this trend line. If BTC’s price were to drop below it, there’s potential support found at the 0.382 Fibonacci level, which translates to approximately $60,500. A more significant correction might push the price down as far as the 0.618 level around $58,000.
On the other hand, a rebound here might lead the BTC price trying to surpass $66,550, aiming for another higher peak. If successful, it would not be far before we reach the top of the bull flag yet again.
A bullish $BTC weekly chart
The current weekly chart for Bitcoin (BTC) remains optimistic, despite a brief period of correction happening at present. Notably, the previous week’s candle dipped to hit the 0.382 Fibonacci level, which might suggest that we may have found a temporary low point.
As a crypto investor, I’m observing that despite the current downturn suggested by the Relative Strength Index (RSI) on my chart, it still remains in positive territory. The indicator line might seem to be heading downward at the moment, but it could find support at the mid-point of 50.00 or potentially even rebound to challenge the descending trend line again. Both scenarios suggest a bullish outlook for my crypto investments.
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2024-10-09 13:10