Thursday, September 21, 2023

Dip buying whales push Bitcoin above $40,000 once again

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After facing strong downward pressure over the last weekend, Bitcoin (BTC) has rebounded. The mega-cap coin has in fact reclaimed $40,000 and is looking to consolidate further in the coming days. Here are the key facts to note:

  • The recent upswing is largely fueled by dip-buying BTC whales

  • $38,000 has proved to be a popular dip price for large wallets.

  • BTC is likely to maintain an upward trajectory and test $45,000.

Data Source: Tradingview 

Bitcoin (BTC) – Price Analysis and prediction

For the best part of 2022, Bitcoin has been trading at a very stable range. After bottoming at around $32,000 in February, BTC has rebounded and is now sitting slightly above $40,000. The downside risk also appears to be capped at $35,000. In fact, for the last two months or so, the coin has not fallen below that price. 

This is probably because of the dip-buying Bitcoin whales who have been scooping up the coin at around $38,000. In fact, every time Bitcoin has dropped below $40,000, we have seen it bounce back almost immediately. 

At the moment, the coin will try and consolidate gains above $40,000. After that, it will retest at $45,000. Whether Bitcoin bulls can create enough momentum to surge past $45,000 remains to be seen. But so far, the coin has struggled to clear its 200-day SMA of around $49,000. We don’t expect this to change and as such, upward potential right now is capped at $49,000.

Should you follow Bitcoin Whales?

It’s always a good idea to follow large wallets when making investments in crypto. Besides, BTC whales appear to be getting it right. 

The $38,000 whale entry price has gone on to deliver superb returns in the last few weeks and as such, it would make sense for any investor to follow whale money when trading this coin.


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