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Bitcoin Around $50K: Whales Are Buying the Dip

For the past few days, the cryptocurrency market has been red. With gradual recovery and stabilization, it’s expected that the market would begin to gain momentum.

However, data from CryptoQuant show that large Coinbase outflows by some big investors in Bitcoin suggest that whales are continuing to accumulate Bitcoin. This is despite the crypto more than doubling so far in 2021. A clear indication that the confidence in the benchmark cryptocurrency is unwavering as it attempts to stabilize above the $50,000 level.

At 17:50 GMT on Wednesday, the coin traded at $50,975, gaining 6.41% in the last 24 hours.

Whales confidence is pivotal

Whales take profit when the market is in the bull cycles. This is more common especially when the futures market is highly overcrowded. Although, whales selling their portfolio might cause a massive swing in the market, especially when followed by huge liquidations.

According to data from CryptoQuant, in this bull cycle, whales are buying BTC. This might be in anticipation of the more upside future of the coin as more institutional investors adopt it.

Ki Young Ju, CEO at CryptoQuant, said:

Whales accumulating $BTC. They are making a lot of bear traps lately, but the price seems to recover the institutional buying level, 48k. Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.

Coinbase outflows according Cryptoquant

There’s generally a spike of positive sentiment towards the future of the king cryptocurrency post-price-stabilization at around $50,000. It’s suspected that high-net-worth individuals or Large BTC holders are accumulating more Bitcoin instead of selling off their holdings because of this sentiment.

The surge of institutional interests in the coin in recent weeks has been massive. It’s believed that Bitcoin is about to attempt a supercycle. Financial institutions’ interest in the adoption of the pioneer cryptocurrency is also crucial. Mainstream acceptance of the coin may begin a bullish cycle that may move the coin above foreseeable prices.

Also, the recent pump of trillions of dollars into the economy as stimulus, zero interest rates, and low yielding bonds are forcing individuals and Institutions to look for a hedge against inflation.

Many companies are beginning to see that there’s no harm in diversifying their cash reserves. Hence, diversification into Bitcoin is increasing.

Price could get very wild

Fundstrat’s Leeor Shimron explains, Bitcoin still has a lot of room to run when priced by the M1 money stock. He noted that:

Bitcoin priced in the M1 money stock still very far from its ATH. In the face of unprecedented money printing, the bull market may just be getting started. This cycle could get very wild.

Many other indicators are pointing to the ATH of Bitcoin being likely far from reach in the near term.

For example, SOPR indicator that shows the profit-taking activity of investors shows that many investors have taken their profit on their positions.

The CEO of Real Vision Group, Raoul Pal noted that Bitcoin might suck up all the world’s capital with time. He noted in a tweet:

But it really suggests that technology investments and above all, Bitcoin (and my guess ALL digital assets) are going to continue to suck in all the worlds capital, over time, as people realise it is the most efficient way to generate wealth over and above their store of value

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

Via Commodity News

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