After Crypto Whales’ $6.2 Billion Purchase: Can Bitcoin Surge to $57,000?

In Brief
Crypto whales have injected $6.16 billion into Bitcoin, buying 140,000 BTC
This network activity suggests a potential bullish wave for Bitcoin's future.
Mixed market sentiments exist, with analysts predicting volatility ahead.
Bitcoin remains at the forefront of investor interest, recently witnessing a remarkable phase of accumulation by so-called crypto whales.

These significant players in the cryptocurrency market have made bold moves, signaling a potentially transformative period for Bitcoin’s future valuation.

Crypto Whales Buy Billions in Bitcoin
Bitcoin whales have accumulated an additional 140,000 BTC in the past three weeks, injecting $6.16 billion into the flagship cryptocurrency. This surge in buying activity has prompted a mix of anticipation and skepticism among investors.

The buying spree by these large-scale whales signifies a strong vote of confidence in Bitcoin’s future trajectory. Historically, such significant accumulations have been precursors to notable price movements, suggesting that the market may be on the cusp of another bullish wave.
However, despite the optimism brewing among many investors, not all market observers share this enthusiasm. Skepticism remains a persistent theme, with some analysts cautioning investors about potential volatility ahead.

“There is one pre halving retrace left. But history suggests it may take place in late March or April,” Rekt Capital, a prominent voice in the crypto analysis sphere, remarked.
This prediction hints at a possible price correction before the next Bitcoin halving. This is an event that occurs approximately every four years, where the reward for mining new blocks is halved, effectively reducing the rate at which new BTC are created and entering circulation.

Amid these mixed sentiments, the technical outlook for Bitcoin offers a glimmer of hope. The cryptocurrency has maintained a robust support level around $42,600, a critical factor that could mitigate the impact of any short-term volatility.

Furthermore, the path to the next significant resistance level at $57,000 appears less hindered. This suggests that if Bitcoin can sustain its current momentum, the potential for an upward breakout is substantial.
Nevertheless, the market’s complexity and the unpredictable nature of cryptocurrency investments call for a cautious approach. Investors are advised to conduct thorough research and consider a diverse range of analyses before making investment decisions.

Bitcoin Price Prediction 2024/2025/2030

Is the Bitcoin bull market here? Bitcoin ETFs have arrived as of mid-January 2024, opening up BTC to legacy markets. Plus, the halving event is on the horizon. All bullish indications! But then, with crypto, there is always more than what meets the eye. This Bitcoin price prediction piece will explore the lesser-known aspects of BTC — underrated fundamentals, hidden technical moves, and more — helping you decide if BTC is worth the effort in 2024, 2025, and beyond.
Should you invest in Bitcoin?
Let’s get straight with our readers before we delve into the analysis. Is Bitcoin worth investing in? And if it is, what time horizon should you consider? Keeping 2023 and 2024 in consideration, Bitcoin has surged almost 100% year-on-year.

However, as of Jan. 16, 2024, BTC is down 10.23%, week-on-week, much to the agony of short-term investors. And that’s not it. Some long-term holders who purchased BTC at close to $69,000 in late 2021 are still smarting under a deficit of almost 40%, making three-year-old horizons ineffective.
This is why it is very difficult to pick a time horizon for investing in BTC. What you can do is refer to a reliable BTC price prediction model, check out the expected price of Bitcoin (BTC) across the year, and plan accordingly.

Yes, sentimental drivers like Bitcoin halving and events like Bitcoin ETF approval might show up from time to time. But that would simply help you trade the wave. From an investment perspective, the exposure to Bitcoin should be ultra-long-term — in order to avoid a Bitcoin Pizza Day-type scenario.

Bitcoin in 2024: Hits and misses
Bitcoin is never far from the headlines in 2024. However, this Bitcoin price prediction will not discuss new elements. Instead, we will focus on the BTC price forecasts resulting from current and future events. The first major event has to be the approval of Bitcoin ETFs. Since the approval, the prices have corrected by over 10%, as per BeInCrypto price data.
And if you have been wondering why the price of BTC has weakened post the ETF approval, here are some insights. Grayscale, one of the ETF issuers, is leading asset outflows. It has been depositing BTC to its custodian, Coinbase, exerting selling pressure on Bitcoin.

Did you know? As of Jan. 16, 2024, Grayscale’s ETF, with ticker GBTC, held the highest number of actual Bitcoin in its reserves at 605,891. Next in line was BlackRock, holding 16,362 BTC as of Jan.16, 2024.


But then, BTC dumping isn’t boosted by nefarious intentions.
But then, BlackRock is leading the ETF space regarding inflows, playing a major role in trying to keep the price of Bitcoin from dipping further, though not deliberately.
And while that sums up what’s happening with BTC in January 2024, the BTC price forecast based on these factors has not yielded anything concrete. To locate the future price of Bitcoin, we need to look at the fundamental analysis.

Bitcoin (BTC) price prediction and fundamental analysis
Before you head over to buy Bitcoin, either on exchanges or via P2P avenues that do not incur additional fees, you might want to take a closer look at the fundamental metrics. While technical analysis can help you with the price action, fundamentals in crypto can help you zoom out the details.
The first and one of the most important fundamental metrics has to be the stock-to-flow model. The S2F ratio seems to be rising with the prices closing in on the fair value or the value proposed by the mode. This indicates that the prices might move sideways for a while, trailing the S2F ratio before moving towards the $100K territory.

Another bullish indication has to be the rising market cap, aligned with the BTC trading volumes.
Active addresses and traders
If you look at the active address chart of the Bitcoin network, an interesting trend surfaces. As of 2024, the active address count seems to be dipping, which might signify a holding pattern.
This might not be the most bullish signal instantly. However, if seen with a rising trading volume, we can expect some fireworks post-halving as users are holding and not selling immediately. The BTC that is moving is only led by the traders.
To supplement this hypothesis, here is the Bitcoin holding pattern reported by CoinMarketCap. As you can see, holders comprise over 69% of the addresses, which explains the drop and a bullish outlook.

Other metrics
Bitcoin halving is almost here, and how can we not talk about the miners? As of mid-January 2024, BTC miners are actively selling, which might indicate the need to prepare for the halving.