As the price of Bitcoin dropped to $65,000, the downturn continued and altcoins saw double-digit losses. The fact that Bitcoin BTC is trading below $64,235 and reached fresh lows around $65,000 on April 12 suggests that the bears are still in it. With the Bitcoin halving less than eight days away, it hasn’t stopped the Bitcoin whales from continuing their purchases, though.
For the “first time in history,” demand from Bitcoin whales has outpaced production of new Bitcoin, according to crypto analytics company CryptoQuant. Bitcoin may rise as a result of growing whale demand and inflows into exchange-traded funds.
Price Analyses For Bitcoin
Ninety percent of the funds invested in Bitcoin ETFs originated from ordinary investors, according to VanEck CEO Jan van Eck in a Cointelegraph interview. He expects traditional corporations and banks to begin making institutional investments as early as next month. In a Cointelegraph interview, well-known venture entrepreneur Tim Draper stated that Bitcoin is still a “place of great security” against inflation. Draper predicts that by year’s end, Bitcoin will reach a value of $250,000.
In the next few days, will Bitcoin test its all-time high or begin a correction? To discover out, let’s examine the charts of the top ten cryptocurrencies. On April 10, the bulls succeeded in pushing Bitcoin back above the downtrend line, but they were unable to hold the higher prices. This implies that even little rallies are being bought into. The relative strength index (RSI) is getting close to the halfway point, and the 20-day exponential moving average ($68,534) is flattening down, indicating that the bulls are starting to lose ground.
