- Bitcoin (BTC) price aims for $60k as institutions build more buy positions
- Solana price struggles to reclaim $160
Market analyst Arsen took to his X account to highlight that the price action for Bitcoin (BTC) in the coming bull cycle hasn’t changed. He stated that the price of Bitcoin (BTC) could see a monumental rally to $330k/BTC.
Despite the market suffering uncertainties in the past weeks, the analyst remains unfazed regarding the current market price action as this remains an opportunity for many retailers and smart money accumulating.
Arsen’s post suggests that smart money consists of institutions, big financial firms, market experts, and market makers accumulating Bitcoin (BTC) and other cryptocurrencies with potential ahead of their bull cycle.
Related Post – Bitcoin Reclaims Demand of $56,500 As Crypto Market Bounces
The analyst insists on his X account that the recent dip in Bitcoin price is nothing new, as Bitcoin price is replicating its price actions compared to the previous bull cycle of 2012, which lasted 800 days and over 9,000%. The 2016 and 2020 Bitcoin bull cycles saw prices surge by 3,000% and 1,200%, respectively, aft
Bitcoin (BTC) Price Update
Despite BTC’s recent price drop, on-chain data from CryptoQuant suggest whales have increased their Bitcoin holding, hitting a new demand high of 6.3% as compared to April 2023.
The report of whales accumulating Bitcoin at this price suggests the bottom could be in and signals price could see more price action to the upside.
Bitcoin’s loss of its weekly support of $56,500 created much worry for many holders after news broke of the German Government selling off its Bitcoin holdings. With this news having less effect on the price of Bitcoin, this would be welcomed by whales.
The price of Bitcoin (BTC) currently trades above $58,000, which BTC bulls would be looking to push to a high of $60,000, creating much optimism for many BTC holders and the cryptocurrency market.
Solana (SOL) Struggles To Reclaim $160
SOL, the native token of the Solana ecosystem, has struggled to show some momentum in the past few weeks, leading to decreased interest from investors speculating whether Solana (SOL) would continue its bearish price decline as it was outperformed by Binance Coin (BNB).
Solana’s on-chain metric and price chart suggest the price looks bullish, as it could face minor resistance around $160. If Solana bulls push the price above $160, we could see the price of SOL rally to a high of $190, demonstrating a bullish price action after bouncing off its demand zone of $120.
Top crypto gainers in the past 24 hours;
