Top Analysts Report $33,000,000,000 Added to Long-Term BTC Holdings, Predict Sideways Movement and Volatility
In a recent series of tweets, top-notch analysts and traders have shared their insights on the potential price movements of Bitcoin (BTC) over the weekend and in the upcoming days.
CryptoTony, a well-known trader, expects Bitcoin to continue ranging below the high of $29,600 over the weekend. He remains in his short position, targeting the lows at $28,000 while under this range high.
This sentiment is echoed by Daan Crypto Trades, another famous Twitter analyst, who anticipates a sideways chop during the weekend, with the price likely returning to where it traded when CME Futures trading closed.
On the other hand, Ali, a technical analysis expert, highlighted that long-term Bitcoin holders have added over 1.10 million BTC to their holdings over the past year, worth around $33 billion.
This could potentially indicate a bullish sentiment among long-term investors despite the short-term price fluctuations.
Keith Alan, a renowned trader, pointed out that the FireCharts show BTC asks stacking around $29.5k, trying to push the price into bids stacked around the 100-Day MA. However, the 50-Day MA has defended it for five consecutive days. He expects the price action to get spicier as we approach Sunday and Monday’s weekly and monthly candle closes.
Finally, Rekt Capital, a top-notch analyst, noted that BTC has been exhibiting impressive price stability around the ~$29,250 mark for most of the week. This could potentially indicate a consolidation phase before a significant price movement.
While the short-term outlook for Bitcoin seems to be a sideways movement with potential volatility, the long-term sentiment remains bullish among holders. As always, investors are advised to keep a close eye on market movements and trade responsibly.
Bitcoin news this week
In the lead-up to the Federal Reserve meeting, Bitcoin experienced a significant drop, further exacerbated by growing apprehensions surrounding Binance. The cryptocurrency’s value plummeted by over 3% to a low of $29,121.60, marking its lowest point in over a month. This decline coincided with a report by the Wall Street Journal, which cast doubts over Binance’s trading volume and hinted at possible wash trading activities.
The conclusion of the Federal Reserve’s two-day meeting this week has been under the microscope of Bitcoin investors. The market has already factored in another 25 basis point rate hike by the Fed, and all eyes are on whether there will be an additional rate hike before the year ends. The results of this meeting could significantly influence Bitcoin’s price trajectory.
In conclusion, the Bitcoin market is poised for a potentially volatile weekend, with analysts predicting sideways movement and increased activity around key price points. The market is also closely watching the implications of the Federal Reserve meeting and concerns around Binance.
Despite the short-term uncertainties, long-term Bitcoin holders continue to accumulate, underscoring a bullish sentiment in the broader perspective. As always, investors are encouraged to stay informed, monitor market trends, and make decisions that align with their risk tolerance and investment goals.
