3 Bullish
Signals for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s
Price as Uptober Approaches
3 Bullish Signals for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s Price as Uptober Approaches
Author: Jordan Lyanchev
Last Updated Sep 17, 2024 @ 11:13
Whale activity signals upcoming price rallies for BTC.
September is more than halfway through, and all eyes in the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
community are on October, commonly referred to as Uptober, given the
historical performances of BTC and the altcoins.
Here are three (and a bonus) signals that hint at an upcoming price surge for
bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin by the end of 2024.
Whale Activity (x2)
CryptoQuant s recent analysis reviewed two important aspects of
whales activity. The first involves newer such market participants who
have accumulated their BTC stash in the past 155 days. Their average base cost
stands at $62,038, which means that they sit on minor unrealized losses of
under 5%.
According to on-chain data, though, these newer whales refuse to sell at
current prices: just the opposite. The report reads that they are still
accumulating, showing long-term confidence in bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
Older whales, those who entered the ecosystem more than 155 days ago, stand in
the opposite corner in terms of unrealized profits. Their base cost is
$27,843, which means that their invested funds have more than doubled.
However, the report outlined their HODLing behavior as they refrain from
selling even with such impressive increases.
Miners Tend to HODL
Being the heart and soul of the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network, miners have a highly
important job in safeguarding the world s largest blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн. They are
rewarded with 450 BTC daily (after the 2024 halving ) for their efforts, and
most larger mining companies have accumulated substantial stashes. What they
do with those holdings frequently impacts BTC s price, especially if
they decide to sell in bulk .
However, that hasn t been the case lately. CryptoQuant s analysis
determined that their average base cost is $43,179, which means that miners
stand on (unrealized) profits of just under 40%.
Though in profit, no signs of mass selling, suggesting they may hold or
gradually sell. reads the report.
The only possible threat comes from Binance traders, as they seem more
inclined to sell off quickly and realize profits. However, this is also
questionable as the current trend shows that they are actively
buying. Additionally, the BTC reserves on exchanges continue to decline
, which reduces the immediate selling pressure.
New whales and Binance traders are actively buying, while old whales
continue to hold. This mix could signal market stability and potential price
growth. concluded CryptoQuant s analysis.
Bonus: Rate Cuts
Although many market participants believe the potential rate cuts by the US• Экономика » Финансы » Платежные средства » Доллар США
Fed• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США
• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США have already been priced in, they are still worth mentioning due to the
impact they could have on the entire industry. History shows that lower
interest rates (meaning cheaper money available for borrowing) have resulted
in rising prices in the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and vice-versa.
With many global central banks, such as Canada, the UK , and the ECB• Объект организация » Организации по алфавиту » Организации на Ев » Европейский центральный банк (ЕЦБ)
• Объект организация » Организации по алфавиту » Организации на Со » Совет Европы » Европейский центральный банк (ЕЦБ), already
reducing their local interest rates, Fed• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США
• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США chair Jerome Powell• Объект человек » Персоналии по алфавиту » Персоналии на Па » Пауэлл, Джером said last month
that the time has come for them to follow suit. The next FOMC• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Федеральный комитет по операциям на открытом рынке ФРС США meeting is
taking place on September 18 and 19, and rate cut expectations vary from 25 to
75 basis points .
This could coincide perfectly with one of the most bullish months in
BTC s history, which is right around the corner October
(Uptober). CoinGlass data shows that only two out of the last 11 Octobers have
been in the red, while the average returns stand at 22.9%. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Monthly
Returns. Source: CoinGlass
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Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Whales