Bitcoin (BTC) has reached $63,000 following an assassination attempt on former US President Donald Trump. This significant price increase reflects a renewed interest from whales, institutional investors, and individual buyers, hinting at a continued upward trajectory.
What Are Analysts Predicting?
After the attempt on Trump’s life, Bitcoin’s price maintained its momentum, closing the week above $60,000. Analysts from Matrixport predict that the buying activity will persist and become less tied to macroeconomic events. This positive forecast comes on the heels of more than $1 billion flowing into spot Bitcoin ETFs in a week due to easing inflation and a slowing labor market in the United States.
Matrixport experts also noted a shift from institutional to individual investors, who are less risk-averse, indicating a more stable market growth. This trend is bolstered by an expected increase in spot Bitcoin ETF inflows following weaker-than-anticipated CPI data.
How Is On-Chain Data Influencing Bitcoin?
On-chain data adds to the positive outlook. According to CryptoQuant, US whales are accumulating Bitcoin again, overcoming a phase of selling. Concerns about the German government’s Bitcoin sales have been resolved, aiding market recovery. The recent weekend recovery in Bitcoin’s price suggests additional funds will flow into spot Bitcoin ETFs, enhancing overall market stability.
Meanwhile, the Bitcoin derivatives market is also showing positive signs. The futures market has observed a recovery, with total Bitcoin futures open interest rising by over 4% to reach $32.37 billion in the last 24 hours. The CME Bitcoin futures open interest has similarly increased, standing at $9.28 billion, reflecting growing confidence in Bitcoin’s upward movement.
Key Takeaways
• Renewed interest from both institutional and individual investors indicates a stable growth trend.
• On-chain data shows US whales have resumed Bitcoin accumulation, supporting market recovery.
• Increased futures market activity suggests sustained confidence in Bitcoin’s price trajectory.
Experienced analyst Rekt Capital pointed out that Bitcoin has broken above its 1.5-month downtrend. He also mentioned that BTC is poised to move above $65,000. Currently trading at $62,836, Bitcoin has surged by 4% in the last 24 hours, with its trading volume increasing by 26%.
The convergence of renewed investor interest, positive on-chain data, and robust futures market activity suggests that Bitcoin is on a path to potentially reach new all-time highs. The market remains optimistic about Bitcoin’s future performance.