Bitcoin price surpasses $57,000 as whales shift 1.6B USDT, target $80,000 or even $85,000
Bitcoin price seems to have finally fully recovered from a lengthy correction caused by Tesla stopping Bitcoin payments this spring. At the time of writing, BTC is changing hands at $57,184, a 15% increase in the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Almost 1.6 billion USDT have been transferred as Bitcoin price climbs above $57,000
On October 11, the leading cryptocurrency finally broke through the $57,000 price threshold, rising to $57,900. To date, however, Bitcoin has recovered slightly. BTC demonstrated a greater than 90% recovery after hitting as low as $29,856 on July 20.
Currently, BTC has maintained above the $50,000 price mark for over a week, and its market dominance has increased to 45.51%. Their data shows that the recent spike of Bitcoin has been driven by solid momentum in the derivatives market; BTC’s perpetual swaps surged to $16.06 billion. That is a rise of almost $6 billion from the lows seen on this market in September.
In the past 24 hours, three transactions carrying a staggering USDT have been performed on the blockchain. The total amount of stablecoins transferred in these transactions is nearly 1.6 billion USDT. Specifically, the anonymous whale and the Tether Treasury made three transactions, carrying 666,820,516, 249,999,999, and 667,816,661 USDT. The first and third transactions were made in Tron-USDT from the same address: TV6MuMXfmLbBqPZvBHdwFsDnQeVfnmiuSi.
Source: Whale Alert
Tether Treasury transferred 250 million USDT to Bitfinex. Tether and Bitfinex share the same management team; therefore, Bitfinex usually receives USDT from Tether whenever it needs more liquidity to trade Bitcoin and other cryptocurrencies.
Bitcoin’s objective: $80,000 or $85,000
According to Vijay Ayyar, head of the Asia Pacific region at Barry Silbert-affiliated Luno exchange in Singapore, a rally in Bitcoin price to $80,000 or even the $85,000 region is possible. However, the condition is that BTC must sustain above $50,000 in the short term.
Following that, Bloomberg shared charts showing that BTC could significantly break through the all-time high of $64,800 reached in May. An inverted Head and Shoulders pattern indicates a possibility of BTC rising to the $79,000 level. An Ichimoku signal and options market also suggests a potential rise to $80,000 at the end of this year.
At press time, Bitcoin has recovered to $57,140. Besides, traders are growing extremely greedy toward BTC as the Fear & Greed Index now shows 78, which stands for “Extreme Greed.”
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