Bitcoin price is retracing less than 72 hours after ripping above $66,000 and $68,000 resistance levels. With BTC now retesting $68,000 and some analysts beginning to question the validity of the May 20 breakout, there are on-chain data to suggest otherwise. Read on to discover more Bitcoin news and information about potential Ethereum ETF approval.
Bitcoin News: Whales Are Accumulating — Fast with Over 20,000 BTC Bought In 7 Days
According to IntoTheBlock data on May 23, holders of between 1,000 and 10,000 BTC have been rapidly accumulating, especially after prices broke $70,000.
In the last seven days alone, the blockchain analytics firm observed that this cohort bought at least 20,000 BTC worth over $1.4 billion.
Bitcoin addresses holding between 1k and 10k $BTC have been the main accumulators during the recent price surge to $70k.
Over the past 7 days, these addresses collectively added 20k BTC ($1.4B) to their balances. pic.twitter.com/LjhZiNnszf
— IntoTheBlock (@intotheblock) May 23, 2024
Their participation is massive for Bitcoin and crypto as a whole. Since they are mostly referred to as “whales” and most likely institutions, their accumulation suggests that prices could continue to rise.
As expected, with whales loading up, it is no surprise that analysts expect BTC to rip even higher by the end of the year.
In a recent interview, Tom Less of Fundstrat said they expect Bitcoin price to surge to at least $150,000 by the end of the year.
This spike would, looking at trends in the past four months following the approval of spot Bitcoin ETFs, mostly be whale-driven.
Politics And Adoption: Why Policy Is Crucial
Beyond this, there is also a geopolitical aspect to this outlook. With the United States SEC approving the complex derivative in January, some analysts say the coin is now being tracked by the powers that be.
In the United States, for instance, the Biden administration is warming up to crypto, possibly explaining why the United States SEC is changing its stance on Ethereum and is likely to approve spot ETFs tracking ETH prices in the coming months. Ethereum ETF approval will most likely increase investor confidence and benefit the overall cryptocurrency market.
Meanwhile, the White House is willing to work closely with Congress and develop a favorable framework to regulate cryptocurrencies. Former President Donald Trump also began accepting BTC and crypto donations in the ongoing campaign.
If the next President of the United States treats Bitcoin as a strategically important asset, every nation in the world will immediately pivot to prioritize their own domestic bitcoin industry and adoption.
Game theory goes full send. 100x bigger deal than the ETF.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 23, 2024
Moreover, some analysts think any endorsement of crypto, especially Bitcoin, by the United States government, making the asset of strategic importance, could trigger a global domino effect. This would drive prices even higher.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
