Bitcoin Whales Make $6 Billion Purchase: Will BTC Reach $57,000 Next?


BTC is experiencing a buying frenzy after the SEC approved the BTC ETF in January last month. Bitcoin is steadily scaling up in the indices and is now trading at the $48,000 mark. The king cryptocurrency is attracting heavy bullish sentiments as whales purchased $6.2 worth of BTCs this month in February. The cryptocurrency whales injected $6.2 billion in BTC accumulating 140,000 Bitcoins in just 30 days.

Also Read: BTC Climbs Above $48,000: Why Is Bitcoin Up Today?

The development is pushing Bitcoin prices to soar giving investors the classic ‘fear of missing out’ (FOMO) emotion. In this article, we will highlight how high BTC could trade in the charts with the $6.2 billion whale injection.

Bitcoin: Can Whales Push BTC Price to $57,000?

Source: Watcher Guru

Firstly, you need to understand why Bitcoin prices skyrocketed to $48,000 this month. The reason is that selling pressure from Bitcoin ETF investors eased this week. The move helped BTC prices increase in the charts in 14 days. The development indicates there’s a good demand for Bitcoin ETF, as selling pressure decreased due to its sustainable price rise.

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Secondly, Bitcoin ETF holders and miners have now started taking ‘long positions’ and that’s driving BTC prices up. When institutional investors take long positions on Bitcoin, the prices will increase hereon as there’s limited selling pressure.

Thirdly, and in conclusion, the axe works both ways as Bitcoin ETF investors can pull the plug anytime and jump ship as the profits are already massive. The only holders that can be hurt in the coming days are the average investors who pump in money only when BTC is rising.

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In conclusion, BTC hitting $57,000 next could be a reality only if the long positions are steadily continued. If the Bitcoin ETF investors decide to take out profits, the average investors will hold the bags at a high price. Therefore, it is advised to watch the cryptocurrency market carefully before taking an entry position in BTC currently.

reference: watcher.guru


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