Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?
23 Settembre 2024 - 11:30AM
NEWSBTC
The Fed rate cuts have boosted the confidence of Bitcoin investors,
with whales buying up to 1.6 billion BTC since the macro decision.
With such a bullish outlook, there is the possibility that the
flagship crypto can soon reach $70,000. Fed Rate Cuts Prompt
Buying Spree Among Bitcoin Whales The Fed rate cuts have prompted a
buying spree among Bitcoin whales. These investors bought over 1.6
billion worth of Bitcoin following the macro decision on September
18. Data from the market intelligence platform IntoTheBlock shows
that these whales have bought 25,510 BTC since September 19.
Related Reading: Tether (USDT) Surges With Massive Inflows, Closing
In On Historic $120 Billion Market Cap Milestone This accumulation
trend is unsurprising, as the 50 bps interest cut has provided a
bullish outlook for risk assets, including Bitcoin. The flagship
crypto is expected to experience a significant price surge since
more liquidity will flow into its ecosystem as investors can access
more money following the Federal Reserve’s quantitative easing
(QE). With Bitcoin projected to enjoy massive moves to the
upside, a rise to $70,000 soon enough is possible. The flagship
crypto already flipped the $60,000 price level as support following
the Fed rate cuts and is holding comfortably above that level. As
expected, more liquidity is already flowing into the BTC ecosystem,
as is evident from the $1.6 billion purchase by these whales.
Therefore, it shouldn’t be long enough before the crypto reaches
the $70,000 price level. Bitcoin reaching this level is significant
as it could pave the way for BTC to hit a new all-time high (ATH).
The $70,000 price level has acted as strong resistance since the
crypto dropped below this level after rising to its current ATH of
$73,000 earlier in March. However, Bitcoin could easily break
above this resistance this time, considering it has more bullish
momentum thanks to the Fed rate cuts. History Could Repeat
Itself In addition to the Fed rate cuts, Bitcoin’s historical trend
provides a bullish outlook for the flagship crypto and suggests
that a rise to $70,000 should happen soon enough. Crypto analyst
Ali Martinez recently noted that Bitcoin enjoyed a 61% and 171%
price increase in 2016 and 2020, respectively. These years were
both halving years. Related Reading: Crypto Whales Buy $228
Million In XRP Following $5 Price Prediction The analyst further
revealed that Bitcoin’s price action this year mirrors 2016 and
2020. As such, history could repeat itself, and the flagship crypto
could enjoy gains similar to those in previous years.
Moreover, Q4 of each year is historically when Bitcoin enjoys its
most returns. Therefore, BTC should witness significant price gains
heading into the last quarter of this year. Meanwhile, the
post-halving rally is also around the corner, which could prompt
this price surge to $70,000. At the time of writing, Bitcoin
is trading at around $63,900, up over 1% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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