Whales holdings reached a new peak as Bitcoin price shot to new highs of $42,400, will it boom to $700,000?
Bitcoin price rallied to a new high of $42,400 in a surprise attack on resistance that sellers failed to break. With this bullish momentum, BTC continuously marked the first 10 green candles since 2012. At press time, BTC is changing hands at $41,551, still recording a gain of nearly 8% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price records rare 10-day winning streak as BTC price taps $42,000 ceiling
The subsequent cooling off has preserved most of the gains, with Bitcoin hovering around $41,500 at press time, still up nearly 8% over the past 24 hours.
With ten consecutive green candles, after all, the last time that happened was in 2012. Even eight days of consecutive gains are a rarity, while nine have been seen only twice. Depending on the exchange, the data can be slightly different — Coinbase saw 12 green candles one after another in May 2017. Despite that, what is conspicuous is Bitcoin’s strength on the one hand, and a lack of bearish selling pressure on the other.
Bitcoin has closed 10 straight green daily candles | Source: TradingView
$42,000 represents the final hurdle of resistance in Bitcoin’s multi-month trading range. Since coming down from all-time highs and falling through the level, which also represents the previous all-time from February, it has acted as a de facto unchallenged price ceiling. But it seems that at the moment, BTC has not been able to break out and create new momentum as it cannot sustain above $42,000.
$BTC just tapped 42k as resistance for the first time since the epic drop in May. Time to pay attention.
— The Wolf Of All Streets (@scottmelker) July 30, 2021
In another development, the Bitcoin illiquid supply has recovered and soared to a new all-time high at over 14,400 BTC. It shows that the strongest BTC holders have recovered the Bitcoin sold during the recent dump period that had lasted for around 108 days and put it back in their cold storage vaults for long-term holding.
Bitcoin whales have retraced the dumped BTC and now their holdings have surged to a new historic peak.
“It took 600 days to retrace the whole dump from the 2017 peak. It took 108 days to do the same this time,” the CIO of the Moskoski Capital stated.
As AZCoin News reported, whales had been purchasing the flagship cryptocurrency on the dip while it was trading first in the $32,000 and then rose to $38,000.
BTC boom to $700,000 likely amid a tidal wave of adoption
In an interview on Yahoo Finance Live, Pantera Capital founder Dan Morehead outlines his bullish thesis. He said that the top crypto asset could hit $700,000 once everyone with a smartphone connects to the Bitcoin network.
“We did a study showing the number of people using Bitcoin over the years and the price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put Bitcoin at $700,000 when everybody with a smartphone uses it. Ten years’ time is a reasonable forecast,” Morehead stated.
With the price currently sitting just under $42,000, BTC would require a 1,570% appreciation to hit Morehead’s target of $700,000.
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