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March 1, 2024
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Bitcoin $100,000 Transactions Soar, More Surge Ahead?


The Bitcoin (BTC) network has experienced a significant uptick in high-value transactions, a phenomenon not seen in nearly two years. Crypto analyst Ali has highlighted this trend, noting 16,900 transactions, each exceeding $100,000.

This surge is a critical indicator of increased activity by Bitcoin whales – entities holding large amounts of BTC – and provides valuable insight into their strategic maneuvers in the current market landscape.

Bitcoin Recovery Following Matrixport Reports Saga

This flurry of whale activity arrives amid a backdrop of intensified market volatility. Bitcoin, the bellwether of the digital currency world, recently underwent a price correction, dipping below the $41,000 mark.

This downturn has been attributed to various factors, particularly the controversial report from Matrixport, which gave reasons why the US Securities and Exchange Commission (SEC) may reject several spot Bitcoin exchange-traded funds (ETFs) applications this month.

Despite these factors, Bitcoin has shown resilience as it has begun to regain ground, hovering around the $43,000 mark. The asset has demonstrated a 2.5% increase over the last week.

Bitcoin (BTC) price chart on TradingView
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

BTC To $50,000?

Several analysts have weighed in with predominantly bullish forecasts in the wake of Bitcoin’s recovery from the week’s earlier downturn. Dan Gambardello posits that Bitcoin might be on the cusp of “breaking out from a symmetrical triangle pattern.”

This technical formation, often characterized by decreasing volatility and converging trendlines, hints at potential price escalation. Gambardello asserts that this breakout could catapult BTC to the $50,000 mark, especially with the anticipated approval of a spot Bitcoin ETF.

A symmetrical triangle, recognized by its oscillating price movements between converging upper and lower trendlines, signifies a standoff between buyers and sellers. Should BTC shatter the upper boundary of this pattern, as Gambardello suggests, it may indeed embark on an unprecedented trajectory, surpassing critical resistance levels within its Fibonacci sequence.

Another voice in the chorus of bullish predictions is Adrian Zduńczyk, a renowned crypto trader. Zduńczyk shares an optimistic outlook, forecasting that BTC could reach new all-time highs following its upcoming halving event.

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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