After a period of decline, caused by the approval of BTC spot ETFs and some alarming data for the community, Bitcoin has recovered and reached its highest level in the last 30 days, with an increase of 10% in the last week.
The role of whales
The rise of the first cryptocurrency is mainly supported by the movements of whales, which hold a share of 3.9 million BTC according to CryptoQuant, and which push the asset upwards. Other cryptocurrencies are also following the positive trend, reflecting favorable sentiment among investors, even those most risk-averse.
The effects of ETFs
ETFs have been an opportunity for many investors to make profits, but once the liquidity and selling pressure of short-term holders ran out, prices started to rise again. And whales have benefited.
In the run-up to the halving
Most traders and analysts are now optimistic in the short term. Crypto Tony predicts that Bitcoin will hit $48,000 in the next few hours, while Michaël van de Poppe is aiming for $51,000 before the halving.
However, the halving, scheduled for next April, is a factor that should not be underestimated. Although the current price movement is mainly influenced by the launch of ETFs, it is possible that the market is already anticipating the event that will occur in two months, which is seen as a potential source of further gains.
At the same time, a new correction in the price of BTC cannot be ruled out, which remains upward in the medium term.
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