Bitcoin continues to remain strong, exceeding $46,000 with its rise that started on Wednesday evening.
While BTC is currently at $46,700, analysts evaluated the reason for the rise in BTC and whether it will continue.
Speaking first to Decrypt, CryptoQuant head of research Julio Moreno said that the rise was due to whale accumulation and the zeroing out of unrealized profits of short-term investors:
“While Bitcoin is making a good run, this rise is due to whale accumulation and the zeroing out of unrealized profits of short-term BTC investors.
Because the BTC unrealized profits of short-term investors were reset to zero, and when it reached zero, the selling pressure was exhausted. When the selling pressure ended, a bottom was found in the BTC price.
More importantly, we see that more whales are buying BTC than this selling pressure has decreased.
Here, the number held by whales reached 3.9 million BTC. “This figure was the highest level since November 2022.”
At this point, Monero stated that it expects the rise in BTC to continue in the face of important data and events such as increasing whale accumulation and halving.
Apart from CryptoQuant research head Julio Moreno, successful analyst Michael van de Poppe also evaluated the rise in BTC.
Stating that Bitcoin's upward strength continues at this point, Poppe predicted that BTC could reach $ 51,800.
“To be fair, I am positively surprised by the current strength in Bitcoin.
It looks like Bitcoin is looking for liquidity above the highs and perhaps liquidity above $51,800 before the halving.
Markets are strong. “The 20% decline in Bitcoin has always been a buying opportunity.”
To be fair, I'm positively surprised with the current strength on #Bitcoin.
Already at $46,500.
It seems likely we're looking for the liquidity above the highs and perhaps the one above $51,800 pre-halving.
— Michaël van de Poppe (@CryptoMichNL) February 9, 2024
*This is not investment advice.