The crypto market is seeing a nice boost today, with total crypto market capitalization up 4.5% to around $2.09 trillion at press time. Bitcoin is leading the charge, up 5.5% to about $54,600, hitting 2024 highs not seen since the 2021 bull run. Ethereum is also performing well, breaking above $3,180 and gaining 3% on the day.
Popular crypto analyst Ali provided some insights into Bitcoin’s price action, tweeting: “Bitcoin shows a megaphone pattern on its daily chart. If $BTC maintains its position above $50,000, achieving a sustained close above $53,000 could be the catalyst for a rally toward $60,520!”
He followed up noting: “Bitcoin whales are going parabolic! In just the last month, over 150 new #BTC addresses, each holding more than 1,000 $BTC, have been created.” This indicates strong accumulation by long-term Bitcoin holders.
In his tweets, crypto analyst Ali points out that Bitcoin is showing a technical pattern known as a “megaphone” on its daily price chart. This indicates there has been increased volatility and uncertainty in the price, with higher highs and lower lows forming a broadening shape.
Furthermore, the huge spike of over 150 new Bitcoin addresses holding at least 1,000 BTC shows that long-term “whales” and institutional players are accumulating Bitcoin aggressively at current prices. Their sizable capital flowing into Bitcoin signals confidence it still has substantial room for growth in 2024 and beyond. Taken together, the technical setup and wave of new whale Bitcoin accumulation provide bullish signals that this crypto rally has further to run if crucial thresholds hold.
Michael Saylor, MicroStrategy’s founder also tweeted out an announcement today: “MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin. As of 2/25/24, @MicroStrategy now hodls 193,000 $BTC acquired for ~$6.09 billion at an average price of $31,544 per bitcoin.”
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Show more +Broader crypto sentiment also seems optimistic at the moment, with all eyes on Bitcoin’s upcoming halving in April 2024. This event cuts the block rewards that miners receive in half, reducing selling pressure. There is also anticipation around Bitcoin ETF approvals in the US earlier this year, with the SEC now facing a deadline in May to make a decision on Ethereum ETF proposals.
With strong fundamental drivers, bullish technical patterns and positive market dynamics, there are many reasons for crypto traders to be enthusiastic right now. If Bitcoin can maintain its momentum above $50k and $53k, we could see accelerating upside in the coming weeks and months.
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