Bitcoin: Buying opportunity ahead as whales accumulate and global liquidity surges

The Bitcoin [BTC] market is currently uncertain, struggling to maintain a clear upward trajectory after recovering from the downturn on the 5th of August

Bitcoin [BTC] had an interesting trajectory over the last few months. After recovering from the downturn on the 5th of August, caused by Japan stocks crash, BTC had been struggling to maintain a clear upward movement.

At press time, BTC remained just under the $60K level, but there were challenges ahead. A cluster of 4,000 new shorts lay in wait, with spot sell orders just above $61K.

So, BTC could break the $60K price level overnight, but stall at $61K. This was the downside as high-leverage long liquidations loomed around the $58K price mark.

Furthermore, $9.17 billion in Bitcoin shorts could be liquidated if BTC reaches $68K, which also threatened its ability to reach new highs.

However, other data supported BTC’s continued recovery, potentially reaching a new ATH by Q4 2024 or Q1 2025.

Bitcoin recently dropped below the 200-day Simple Moving Average but has double bottomed, a key indicator for long-term trends continuation.

In a bull market, this dip can present a buying opportunity, suggesting a potential rebound.

However, if Bitcoin’s price remains below the 200-day SMA for an extended period of time, it could signal the beginning of a bear market.

Despite this risk, analysts believed that Bitcoin is unlikely to enter a prolonged downturn at this stage. The current situation suggests a temporary dip rather than the start of a bearish phase, with a strong possibility for recovery and continued growth.

Bitcoin whales are also increasing their holdings, indicating a potential price rise.

Analysts noted that large investors and traders are buying during the price dips, a pattern that often leads to price spikes. This trend, coupled with recent halving events and growing institutional interest through Bitcoin ETFs, suggests that Bitcoin’s prices may rise soon.

Is your portfolio green? Check out the BTC Profit Calculator

The global money supply has also reached a new all-time high, boosting buying power and likely increasing Bitcoin’s price. With more money in circulation, buying pressure rises, making Bitcoin a strong long-term investment.

The continuous increase in money supply supports Bitcoin’s potential for future gains.

The above is the detailed content of Bitcoin: Buying opportunity ahead as whales accumulate and global liquidity surges. For more information, please follow other related articles on the PHP Chinese website!