In the last seven days, the Bitcoin market has witnessed an impressive rise of at least 7.1%. Yesterday, Bitcoin broke above the crucial $60,000 level. Today, looking at the daily chart of BTC, what we see is a bullish candlestick. There is no doubt that crypto enthusiasts are keenly watching the new developments with immense hope.
A new post made on X by the CryptoQuant founder and CEO has something interesting to share about the new Bitcoin market scenario. Let’s explore this further, shall we?
Ki Young Ju’s post highlights that Bitcoin whales have been adding to their holdings in recent days. This suggests that major investors are confident about Bitcoin’s future growth, even with the market’s ups and downs since mid-March.
An interesting point from Ju’s post is the rise in Bitcoin being stored in custody wallets. These wallets are typically used by institutions for long-term storage, hinting that they are preparing to hold Bitcoin for an extended period. This could be a sign of sustained confidence in Bitcoin’s future.
Ju believes that Bitcoin’s bull cycle is still ongoing. According to his analysis, Bitcoin has not yet reached its peak and still has room for growth. This suggests that the market could see further gains.
In the last 30 days, Bitcoin has increased by 3.2%, with a 3.1% rise in just the past 24 hours. The current price is $60,230, up from $58,909 at the start of the month and recovering from a low of $53,940 on September 6. The strong upward trend observed from September 7 to 13 might be linked to the increased buying by whales, which supports positive forecasts for Bitcoin’s price.
In conclusion, the crypto expert’s post shares several interesting insights that can assure Bitcoin enthusiasts that they can expect a bullish fourth quarter this year.
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