Bitcoin Price Prediction – BTC Spikes 4%, Is A New Bull Market Starting?
On November 5, the Bitcoin price was trading sharply bullish, surging over 3% to break above a major resistance level of $21,000. Earlier in the month, the leading cryptocurrency experienced increased volatility due to news out of the United States.
At first, Bitcoin fell from $20,800 to $20,000 after the Federal Reserve raised interest rates by 75 basis points. However, buyers stood firm, and following the release of better-than-expected US employment data two days later, bitcoin began to rise in price.
Consequently, Bitcoin is trading very close to $21,000. Prior attempts to surpass that threshold had both failed, but the asset blasted right through it this time. As a result, the price of a bitcoin rose above $21,500, a high level that was not witnessed for about two months.
BTC Whale Moves $1,583,709,890 in BTC in Staggering Transactions
Many recently formed cryptocurrency wallets have been virtually emptied by a large whale who is moving over a billion dollars worth of Bitcoin in a spate of transactions. According to Blockchain.com, the wealthy investor has just spent all of the cryptocurrency holdings that were valued at over $1.58 billion, or 74,105 Bitcoins.
The Bitcoin whale’s initial transfer of the enormous BTC hoard was split into two parts. The first transaction involves the sending of 50,562 Bitcoin to a wallet whose owner remains unknown, at a value of roughly $1.08 billion as of this writing.
The second transaction saw the whale sending 23,542 BTC to an untraceable wallet, which was valued at approximately $505 million at the time of writing. When examining the whale’s behavior more closely, it becomes clear that the investor eventually moved the 50,562 BTC to the same wallet that accumulated the 23,542 BTC.
The crypto whale then moved the massive Bitcoin hoard in a series of massive transactions, each of which allowed the owner to store hundreds or thousands of BTC in distinct wallets. There appears to have been some mixing of Bitcoins by whoever is responsible for the transfers, as the overall amount of Bitcoins that have been moved is slightly more than the BTC that were first transferred.
Many people wonder if crypto whales that move about their massive Bitcoin holdings are trying to sell off their holdings or just diversifying their portfolios for safety reasons. Unlike other Bitcoin windfalls, this one doesn’t appear to be headed to a wallet controlled by a cryptocurrency trading platform.
The current Bitcoin price is $21,306, with a $58 billion 24-hour trading volume. During the European session, Bitcoin gained over 2%. It currently ranks first on CoinMarketCap, with a live market cap of $447 billion, up from $398 billion.
The BTC/USD pair has passed through a major resistance level of $21,000, and a bullish crossover above this level has opened up additional buying opportunities till the $21,900 or $22,750 level. Bitcoin’s 50-day moving average is approaching $19,650.
A rise in BTC demand might push it past the $21,900 resistance level, giving it access to the $22,700 and $23,500 levels.
The MACD and RSI have moved from a selling to a buying zone, indicating that the upswing will likely continue. BTC can find support at $20,000, and a break of this level can lead to further selling up to $19,700 or $19,400.
Alternative Coin – Dash 2 Trade (D2T)
Stage 2 of the D2T presale has already sold out, raising $5.16 million in just over two weeks. Dash 2 Trade is a concept from the immensely popular trading signal firm Learn 2 Trade that will be launched in the second half of 2022. The platform aims to provide market-driven insights to help investors make educated decisions. To enhance the trading experience, it provides trading signals, social analytics, and even market sentiment analysis.
Dash 2 Trade, according to the development team, aspires to be the Bloomberg trading terminal for cryptocurrencies. The platform also includes automation and backtesting capabilities for automating trading processes and testing all trading methods for optimal performance.
Dash 2 Trade includes a notification service that alerts investors to all new coin listings on centralized exchanges, giving them access to information formerly reserved for elite investors.
With so much promise, it’s no surprise that D2T’s presale figures have been astounding. So far, the digital currency has raised over $5.2 ($5,211,301) million.