Bitcoin (BTC) Reaches $38.3k for the First Time in 18 Months; Could Go Past $40k if This Happens
On Friday, Bitcoin surged to $38.3k, reaching its highest price point in the last 18 months. This surge has caught the attention of the crypto community, with experts and enthusiasts closely monitoring the market for potential further gains.
According to Santiment, a crypto data provider, the rise in Bitcoin’s price can be attributed to various factors, one of which is the increased buying power of the top 100 largest Tether (USDT) addresses. These addresses have collectively added $1.67B in the past six months. The influx of USDT into the market suggests a growing demand for Bitcoin, which has contributed to the recent price surge.
Source: Santiment – Start using it today
The Potential for $40k+ Bitcoin
Santiment further speculates that if the buying power of these whale USDT addresses continues to increase, it is highly likely that Bitcoin could surpass the $40k mark. This would be a significant milestone for the cryptocurrency, indicating a bullish trend in the market.
Another crypto analyst, Matthew Hyland, has also been closely monitoring Bitcoin’s price movements. He highlighted a bullish divergence that was discussed a few days ago and is now playing out. This divergence suggests that Bitcoin is pushing local highs, but caution is still warranted. Hyland points out that the relative strength index (RSI) will need to make a sizable move to avoid the formation of a bearish divergence later on.
The Future of Bitcoin’s Price
As Bitcoin continues to make significant gains and approaches the $40k mark, the crypto market is abuzz with excitement and speculation. Traders and investors are closely watching for key developments that could further drive the price upwards.
Read also:
- This Overlooked Crypto Could Soon Be a Top Performer
- Expert Explains Key Ways to Get the Best of the Incoming Crypto Bull Run
- Binance Nears Settlement with SEC: Maximize Profits with BNB and BTCS ICO-End Bonus Event
The increased buying power of whale USDT addresses is a crucial factor to monitor. If these addresses continue to accumulate USDT, it indicates a strong appetite for Bitcoin and could potentially propel its price beyond $40k. Additionally, the formation of a bullish divergence suggests that the positive momentum in the market may persist, but traders need to remain cautious and keep a close eye on the RSI.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
