Recent reports suggest that Bitcoin whales — large holders — have been accumulating more Bitcoin, especially during market dips, a sign of confidence in the future value of Bitcoin.
According to Ki Young Ju, the founder and CEO of CryptoQuant, Bitcoin whales have moved nearly $23 billion worth of BTC to “permanent holder addresses” in the last 30 days. This recent spike in demand for Bitcoin among long-term holders indicates the King Crypto is in an “accumulation phase.”
Some, including Adam Back of Blockstream and the author of Rich Dad, Poor Dad, Robert Kiyosaki — speculate that this buying trend could support seeing BTC price cruising at/around the $100,000 mark by year-end.
Per Coinfomania’s BTC prediction analytics, BTC is currently trading at $66,603, with a forecasted increase of 7.57% to $69,619.95 by 13 August. Technical indicators suggest a SELL market sentiment as of press time.
Over the last 30 days, BTC has seen 14/30 green days, reflecting a 47% positive trading trend, and with a price volatility of 6.11%, BTC exhibits moderate swings. In the past 24 hours, BTC has experienced a positive trend of 4.13% since yesterday. The live market cap stands at $1.31 trillion, with a trading volume of $35.96 billion as of writing.
Bitcoin might test new ATH 2024-2030 as more whales HODL
From a technical standpoint,
Bitcoin’s price took a surprising dive to $49,777, but the bulls didn’t give up. They staged a comeback overnight and reclaimed the $70,000 mark. The upward momentum is building, and we might see a new positive trend that could tease Bitcoin to $65,000.
Source: TradingView
If the bulls can keep up the pressure at $60,000, we might see Bitcoin comfortable at $65,000 by the end of the month. But if things take a turn for the worse, the next safety net is at $45,880. Still, BTC’s 200-day SMA is projected to climb over the next month while it briefly tests $62,077.65 by the same date. The Relative Strength Index (RSI) currently stands at 49.38, indicating a Neutral market sentiment for Bitcoin.
Meanwhile, according to various sources, Bitcoin is expected to witness a significant increase in its value over the next few years. Changelly predicts that Bitcoin’s value will increase by 17.06% and reach $65,915 by August 9. CoinCodex also shares a similar sentiment. Cryptopolitan expects Bitcoin to hit $100,000 by the end of 2024 due to bullish sentiment following a halving event. Finder.com’s panelists predict that Bitcoin will be worth $87,169 by the end of 2024 and see an uptrend of $127,494 by year-end 2025 and $383,514 by the close of 2030. Coinpedia projects a soaring recovery in BTC price to enjoy $347,783 by 2030.
The big question is: Will the BTC price exceed $100k this year?
While it’s hard to predict with certainty, some experts believe Bitcoin has a good chance of crossing the $100,000 mark this year. According to Standard Chartered’s cryptocurrency research unit, Bitcoin is predicted to hit $100,000 “in late 2024 or early 2025.” However, it’s important to remember that price swings happen fast due to several factors.
The post Bitcoin Price Prediction 2024-2030: Will the Nearly $23B Worth BTC Accumulated in Recent Months By ‘Whales’ Drive Price to $100k in 2024? appeared first on Coinfomania.
