If this crucial metric proves correct,expect Bitcoin to reach $64k

Spread the love

Since mid-March, the price of bitcoin has been below $61,062. In reality, the cryptocurrency’s price has remained relatively rangebound since then, ranging between $51,695 and $60,000. In other words, it has been more than 25 days since the crypto-asset reached a new all-time high, with the stock surge extending to coincide with an increase in massive purchases on the network.

About 85 percent of HODLers were profitable at the time of publication. What’s noteworthy here is that more than 25%, or one-fourth of the big HODLers, are still keeping Bitcoin in their portfolios.

Now, on 6 April 2021, Bitcoin’s network had the second and third-largest single transactions of the year. Two trades of 35,237 and 30,000 Bitcoins on the network represented the second and third-largest transactions in a single one-hour window of on-chain volume. The first move was to an address that kept up to 66,666 $BTC in 2019 but 0 in the previous four months. The tokens were then transferred, and a dormant address issued 35,237 tokens on the second switch, where they are now.

The intriguing question is, on whom do these whale transfers correspond? Whale transfers resulted in a market increase of more than 200 percent in 2019. Indeed, it is expected that the most recent whale transfers will lead to a rally to the $64,000 mark.

What the latest BTC whale transactions mean for the price rally

Second and Third largest whale transactions || Source: Twitter

The graph above depicts the highest hour of Bitcoin on-chain volume since December 2020. The Derivatives Funding Rate for Bitcoin was another metric that pointed to a northbound rally.

What the latest BTC whale transactions mean for the price rally

Source: Santiment

According to the attached map, Bitcoin’s price will continue to rise. The funding average of +0.10 percent on BitMEX was similar to what was seen a few weeks earlier, with the latter bringing Bitcoin’s price back to its March high. Longs are fueling shorts, and this is also true at the existing funding levels, with rising liquidations across derivatives markets.

RECOMMENDED READ:  Why "Bitcoin is the only choice" for many people in the sex industry

The increase in the funding rate indicates that retail traders are optimistic. Based on the existing funding cost, there is a higher chance of a market correction after a short-term top. However, based on sentiment and metrics, Bitcoin is expected to continue rallying towards its goal of $64,000.

 474 Interactions,  8 today

READ ALSO:
Why is Dogecoin still attracting looooong hodlers?

OGE's price has increased by more than 140 percent in the last 24 hours, and the altcoin is actually ranked Read more

RRipple to Provide ODL Metrics to Institutions and Private Clients

Matt Hamilton, director of developer relations at RippleX, shared on Twitter that Ripple expects to add ODL indicators to its Read more

What is the concept of Crypto Arbitrage? – Earn Money With Cryptocurrency

Where there is a price gap between two or more exchanges, there is an opportunity for cryptocurrency arbitrage. Arbitrage is Read more

The Bank of Brazil is the first state-backed bank to give customers exposure to a cryptocurrency exchange-traded fund (ETF).

The launch of Brazil's first crypto ETF has been delayed, but not due to any failure of planning. The Bank Read more

RECOMMENDED READ:  Altseason and $30K at arms reach: five Bitcoin aspects to watch as 2020 ends
Satoshi Nakamoto, the creator of Bitcoin, is also one of the world’s top 20 wealthiest people.

Following the publication of the 2021 list of billionaires by the American business journal Forbes, this news focused on the Read more

Futures, Perpetual Swaps, and Options on Bitcoin Explained

Derivatives are tradable shares or futures whose value is derived from the underlying asset. In the case of cryptocurrency futures, Read more

Central Bank of Nigeria (CBN) and Nigeria’s SEC iin talks about crypto regulation, 2020 crypto guidelines  suspension unchaged.

The Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about Read more

The XRP Community’s Reaction to the SEC’s “Sleazy” Move

The Securities and Exchange Commission (SEC) case against Ripple Labs, as well as executives Brad Garlinghouse and Chris Larsen, seems Read more

Three North American Ethereum ETFs get approved in a single day.

When it comes to Ethereum ETFs, Canadian stock market holders will shortly have a plethora of options. Although obtaining exposure Read more

As the value of DeFi tokens rises, CRV predicts a bumper harvest for ‘DeFi Summer 2.0.’

The seasons are changing, and economies are shifting; will this be a banner summer for decentralised finance? Start the tractors: Read more

How Protocol updates and Google Cloud convergence boost the price of EOS by 245% in 2021.

After protocol updates and high-profile partnerships drew retail buyers, the price of EOS reached its highest level since 2018. On Read more

Leave a Reply

Contact Us