Bitcoin continues to trade above the critical $100,000 price level, bolstered by steady capital inflows. Long-term holders are seizing the opportunity to capitalize on this liquidity, realizing record profits of $2.1 billion and distributing supply at scale.
#Bitcoin continues trading above the psychologically important $100k price level, supported by a consistent inflow of capital.
Long-Term Holders are capitalizing on this liquidity, taking the opportunity to distribute supply at scale, setting a new ATH in profit realized of… pic.twitter.com/sW8EUM1UBe
— glassnode (@glassnode) December 18, 2024
Historical patterns from 2017 and 2020 suggest that Bitcoin may follow a predictable trajectory in its current bull run. Analysts anticipate a brief correction at $110,000, a sharper pullback at $125,000, a significant dip at $150,000, and an eventual peak at $220,000, marking the end of the rally.
If #Bitcoin $BTC behaves like in 2017 and 2020, then there will be a brief correction after reaching $110,000, a steep correction after hitting $125,000, a big correction at $150,000, and the end of the bull market at $220,000! pic.twitter.com/zcWG75SYvL
— Ali (@ali_charts) December 18, 2024
Whale activity underscores growing market confidence, even amid price pullbacks. Three major whales collectively purchased 1,153 BTC, valued at approximately $120 million. Additionally, large-scale withdrawals from major exchanges signal accumulation by high-net-worth investors:
– Wallet bc1qkv…t44v withdrew 501 BTC ($52.24M) from Bitfinex just 30 minutes ago.
– Wallet bc1pjq…sjpc moved 551.5 BTC ($57.28M) from Binance within the last two hours.
– Wallet 1L7gnf…xeTs withdrew 100 BTC ($10.42M) from Binance an hour ago, bringing its total withdrawals over the past two days to 1,418 BTC ($148.78M).
Institutional interest continues to fuel Bitcoin’s upward trajectory, with spot ETFs playing a pivotal role. On December 17, Bitcoin spot ETFs recorded a net inflow of $494 million, marking 14 consecutive days of positive inflows. Notably, BlackRock’s IBIT ETF saw a single-day inflow of $741 million, reflecting strong investor appetite.
As Bitcoin maintains its momentum, a mix of whale accumulation, institutional investments, and long-term holder activity is driving the market forward. While corrections are expected, the broader outlook remains bullish as the cryptocurrency cements its place above $100K.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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