Bitcoin (BTC) Price Aims for $52k Amid Heightened Whale Buying Pressure
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Bitcoin (BTC) has continued to showcase its potential to become the global reserve asset and currency against major global currencies like the United States dollar and the Euro.
While most global central banks are constantly devaluing their respective currencies through poor monetary policies, Bitcoin is preparing for the fourth halving, which will reduce the annual inflation below 1 percent amid the rising demand.
As a result, it is safe to assume that Bitcoin’s macro bulls are in control and a new all-time high (ATH) against the US dollar, among other fiat currencies, is inevitable in the near term.
Bitcoin Whales Accelerate Accumulation
As major stock market indexes – including the S&P500 and the NASDAQ – rally to their respective ATH, more investors are rushing to speculate on digital assets led by Bitcoin. Furthermore, institutional investors’ high adoption of Bitcoin has significantly increased the correlation between the stock market and digital assets.
#Bitcoin's price dominance has continued to grow over #altcoins, as its market value surged as high as $45.5K today. Traders remain skeptical toward the asset for a 3rd straight week. This is the lowest ratio of $BTC on exchanges since December, 2017. https://t.co/XC3UK258lM pic.twitter.com/4MwvXE28RC
— Santiment (@santimentfeed) February 8, 2024
According to on-chain data from Cryptoquant, around 70 percent of Bitcoin’s circulating supply has remained untouched for over a year, thus signaling less selling pressure. With Bitcoin’s supply on exchanges at its lowest since December 2017, the bulls will continue to reign in the coming quarters.
Closer Look at BTC Price Action
For the second time since April 2022, Bitcoin price has rallied above $46k in the past 24 hours. All crypto traders’ attention is whether the flagship coin will consistently close above $44k in the coming weeks. Furthermore, it could easily be a bull trap, and a reversal occurs in the subsequent weeks.
Nevertheless, crypto analyst Ali Martinez has noted that the Super Trend tool has flashed a historical buy signal with a high success rate. Backed by the weekly golden cross between the 50 and 200 Moving Averages (MA), Bitcoin price is well poised to rally above $50k soon.
