An unknown Bitcoin wallet has rapidly accumulated over $3 billion worth of Bitcoin, becoming the third-largest BTC address in the world and sparking speculation about its identity and purpose.
Bitcoin, the top cryptocurrency, reached a two-month low due to risk aversion in global markets triggered by concerns about China's economy and U.S. interest rates, as well as a report that Elon Musk's SpaceX sold its bitcoin holdings.
Bitcoin (BTC) remained stagnant around the $26,000 mark despite being heavily oversold, leading to concerns about a potential lower low and a decline to sub $20,000 levels, although some analysts are hopeful for a V-shaped recovery and a return to focus on $26,500.
Bitcoin's longest-ever period of negative year-over-year returns is coming to an end, according to Dan Morehead, founder of Pantera Capital, who believes that the market can only stay down for so long. Despite last week's downturn, Bitcoin is currently up over 20% from the previous year, and positive catalysts such as the XRP court ruling and endorsements from asset managers could further boost its value, along with the upcoming halving in April 2024. Morehead's models suggest Bitcoin could reach around $35,500 by the halving and nearly $150,000 by late 2025.
Cryptocurrencies, including Bitcoin and Ethereum, experienced a rise in value as investors anticipated the Federal Reserve's annual meeting and Bitcoin attempted to reach $30,000.
Bitcoin might experience a period of stagnation followed by a potential peak at $200,000 by the end of 2025 or early 2026, according to a crypto analyst, although short-term prospects for Bitcoin appear challenging due to a comparison with the 1930s stock market and oversold condition.
Large ether (ETH) investors took advantage of lower prices following a market tumble to accumulate $94 million worth of ETH, while large bitcoin investors added $309 million worth of BTC to their wallets.
Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.
Bitcoin is predicted to reach a price of $148,000 after the next halving in April 2024, according to Pantera Capital, which manages $3.5 billion worth of assets, and notes that recent events such as the XRP ruling and endorsements by BlackRock are likely to contribute to the next bull market for digital assets.
Bitcoin holds steady at $26,000 ahead of Jerome Powell's speech at Jackson Hole, while Binance reaches out to projects with low-liquidity tokens to enhance liquidity protection, and Num Finance introduces a Colombian peso-pegged token on the Polygon network.
Bitcoin's recent surge in value may be attributed to a $10 billion investment by whales, Robinhood's involvement in a $3 billion Bitcoin purchase, and JPMorgan analysts predicting an end to the crypto bear market.
BTC's illiquid supply now makes up 80% of the total BTC tokens in circulation, indicating a shift towards long-term investment, while low exchange volumes could lead to volatile price swings; Bitcoin whales have begun adding to their stockpiles, signaling confidence in an upcoming bullish trend.
Renowned cryptocurrency expert Arthur Hayes predicts that Bitcoin will enter a period of consolidation around the $25,000 mark in the coming months, while also emphasizing the potential long-term value and importance of cryptocurrencies and blockchain technology.
Investing platform Robinhood holds over $3 billion in bitcoin in a single wallet, making it the third-largest bitcoin holder, behind Binance and Bitfinex.
Long-term holders of Bitcoin are continuing to accumulate the cryptocurrency despite recent market volatility, indicating a bullish outlook for the future, according to analysts from Bitfinex. However, newer long-term holders who acquired their positions during the bear market are showing more unease and have exited their positions during price drops.
Large BTC investors, known as "whales," have increased their holdings by $1.5 billion in the last two weeks of August, indicating organic buying demand and optimism among institutional investors as the approval of bitcoin exchange-traded funds (ETFs) approaches.
Hundreds of millions of dollars worth of crypto assets have been liquidated as Bitcoin's price falls below $26,000, with the majority of the liquidations coming from exchanges such as OKX, Binance, and ByBit.
Despite the current market conditions, a crypto strategist believes that Bitcoin (BTC) could experience a significant upward movement, potentially forming a bullish higher-low setup after a possible drop to around $23,600.
There are more than 40,000 crypto millionaires in the world, with 40,500 of them holding Bitcoin, according to a report by Henley & Partners, and there has been a spike in the number of crypto-related inquiries by millionaires in the last six months.
Bitcoin is expected to become a larger portion of global wealth as individuals allocate a higher percentage of their net worth to the digital asset, according to macro expert Lyn Alden.
Grayscale Bitcoin Trust, the second-largest BTC entity globally, holds over $16 billion worth of Bitcoin across more than 1,750 addresses, according to blockchain analytics firm Arkham Intelligence.
Bitcoin (BTC) could reach $35,000 by the end of 2023, according to veteran analyst Filbfilb, who also predicts a potential price dip to the low $20,000 range before a reversal in Q4 and a price target of $46,000 by the 2024 halving. He believes that altcoins like XRP and Dogecoin (DOGE) could perform well in the next cycle.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
Bitcoin (BTC) remains near a key long-term trendline as the U.S. dollar strengthens, with market participants predicting further downside for BTC and altcoins.
Bitcoin is on the brink of a bearish breakdown, but there is a possibility that the $25,000 support level could hold, presenting a short-term buying opportunity for investors. The price action of the US dollar and on-chain data suggest that buyers could return soon, making the current situation potentially profitable for opening Bitcoin longs.
Bitcoin is showing strength and could reach $28,000 despite negative news, according to Altcoin Sherpa, a popular crypto trader, while cautioning about the downward trend of Ethereum rival Solana.
Bitcoin stabilizes around $26,500 as it prepares for the upcoming FOMC meeting, with traders expecting the cryptocurrency to continue trading within the $25,000-$27,000 range in the short term.
Bitcoin (BTC) surpasses $27,000, while ether (ETH) holds support levels, but interest-rate decisions this week may bring downward pressure; overall market capitalization grows just 0.4% in the past 24 hours.
Bitcoin (BTC) reached new monthly highs as it surpassed $27,000, maintaining its bullish momentum despite the strength of the US Dollar Index (DXY).
Bitcoin is expected to experience a significant increase in value and reach a fair value of $100,000, driven by institutional capital inflows and the approval of Bitcoin ETFs, according to Mark Yusko, founder of Morgan Creek Capital.
Bitcoin (BTC) briefly surpassed $27,000 before experiencing a 2% drop, resulting in liquidations of approximately $100 million in leveraged trading positions, with short traders suffering $60 million in losses and long traders experiencing $40 million in losses.
Crypto funds have experienced outflows of $455 million over the past nine weeks, with bitcoin accounting for 85% of the outflows, as investors continue to withdraw funds despite recent legal victories for the industry.
Bitcoin holders are accumulating the cryptocurrency as inactive Bitcoin addresses reach record highs, indicating long-term holding, while BTC outflows from exchanges decrease.
Crypto strategist Credible Crypto suggests that Bitcoin could dip to around $24,900 but still remain on track for a bull market cycle, and he is closely monitoring Bitcoin options open interest as an indicator for the market bottom.
Deep-pocketed crypto investors have moved over $660 million worth of Bitcoin, Ethereum, and Chainlink as Bitcoin's price drops below $27,000.
