The crypto executive stands accused of misusing customer funds, an offence attracting a maximum 20-year prison sentence.
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Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC?
Analysts said that Bitcoin prices could drop slightly in the short term as whale accumulation reached a new record high. Whale’s Bitcoin holdings have reached 670,000 BTC, the largest accumulation of the digital currency in history. Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Impact Of Whale Accumulation Crypto analysts said that one of the positive impacts of whales buying large volumes of Bitcoin is it helps stabilize the market. As a result, the crypto’s price could go down a little bit or become more stable. Reducing the volume of Bitcoin in the market could possibly make prices less susceptible to volatility. In previous whale accumulations, it was observed that BTC price usually behaves in a specific way, in which on most occasions, BTC goes flat or slightly decreases. This period of BTC accumulation could also signal that whales have no immediate intent to sell their digital assets. It might be an indicator that whales are looking at capitalizing on Bitcoin in the long term so the accumulation phase is a strategic move. Real Indicator Of Bitcoin Growth CryptoQuant said the whale accumulation could be seen as the ‘calm before the storm’ in the long term, saying that Bitcoin prices move sideways or experience a moderate fall during the accumulation phase. However, CryptoQuant noted that there is no doubt that in the long run, this is an ‘optimistic sign.’ Whales’ holdings are at an all-time high “Whales currently hold around 670,000 $BTC, which is the highest value ever. Undoubtedly, this is an optimistic long-term sign.” – By @BaroVirtual Full post ????https://t.co/MoFLpZ3Rmh pic.twitter.com/7esCP6fVBE — CryptoQuant.com (@cryptoquant_com) October 24, 2024 The crypto analyst said that the ‘real’ growth in Bitcoin happened after the whales decided to dispose of their holdings and reached a negative percentage change value. According to CryptoQuant, Bitcoin’s price movement during the accumulation phase usually paved the way for significant growth in BTC. “Historically, after whales reduce their holdings and a negative percentage change is reached, a strong surge in Bitcoin prices often follows,” CoinNess Global said in a post. Whales hold record 670K BTC, analysts expect possible surge According to CryptoQuant analyst BaroVirtual, whales currently hold approximately 670,000 Bitcoin (BTC)—the highest level on record. Analysts suggest this accumulation phase, marked by Bitcoin’s sideways trend or… — CoinNess Global (@CoinnessGL) October 24, 2024 US Elections Could Be A Factor Analysts said that whale activity is a key driver in the crypto market, however, they said that a price shift in BTC does solely rely on whales since several factors have an impact on Bitcoin prices, and the US presidential election is one of them. Related Reading: Bitcoin Soars Towards $68K Amid Microsoft’s BTC Investment SEC Filing Many Bitcoin analysts are looking ahead to the US national election, which could be a defining moment for the digital currency market. This is the presidential election wherein crypto-friendly policies have been a key part of the candidates’ political agendas. However, some investors are betting that no matter who wins the coveted seat in the White House, Bitcoin price will experience an upsurge and potentially hit $80,000 by November. Featured image from Harbor Breeze Cruises, chart from TradingView Crypto Potato
Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern
The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC. Technical Pattern Signals $200,000 Rally Ahead Popular crypto analyst, Mags has unveiled a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a major rally. Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a potential buying opportunity to go long. Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the “neckline” which serves as a resistance point. If Bitcoin can break through the neckline, it’s price could surge dramatically or like the analyst says “go vertical.” This bull rally could see Bitcoin’s price driving towards $200,000, marking a new all time high for the cryptocurrency. Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in previous X posts, suggesting that a $200,000 price level may be conservative for the world’s first and largest cryptocurrency. Bitcoin Price Peak Set At $300,000 In another X post on October 24, Mags disclosed that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery is the process by which an asset’s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs. Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021. Following this historical price trend, Mags indicated that Bitcoin hit its bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000. Featured image created with Dall.E, chart from Tradingview.com Crypto Potato