Crypto Price Prediction: The Bitcoin price follows on new reversal sparking the end of the correction trend in the crypto market.
Crypto Price Prediction: The cryptocurrency market has showcased notable resilience to the recent sell-off which plunged the majority of major crypto coins in the correction phase. With renewed buying pressure among traders, the Bitcoin price is back above $43000, bolstering altcoins to regain their lost ground.
Moreover, recent insights from the crypto analytics firm Santiment highlight post-ETF approvals, both Bitcoin and Ethereum have seen a significant portion of their supplies moving off exchanges, indicating a growing trend towards self-custody and staking. This movement is critical as it suggests a reduced risk of future sell-offs for these major cryptocurrencies.
In contrast, Tether (USDT) witnessed nearly 4% of its available supply returning to exchanges within the past five weeks. This marks a substantial change, as it’s the first time in almost 10 months that around 30% of the available USDT is back on exchanges – a scenario last observed when Bitcoin was trading below $25k.
This return of USDT to exchanges could imply an increase in buying power in the crypto market, signaling potential shifts in market liquidity and trading dynamics.
📊 As #Bitcoin‘s & #Ethereum‘s respective supplies have continued moving off exchanges after the #ETF approvals, an interesting development has been #Tether seeing nearly 4% of its available supply come back to exchanges in 5 weeks. The increase in buying power implies
(Cont) 👇 pic.twitter.com/hQrBhZchEu
— Santiment (@santimentfeed) January 30, 2024
With the increasing possibility of an uptrend resuming bullish traders can look for a long opportunity in Bitcoin (BTC), Avalanche(AVAX), and SUI
Whale Accumulation Amid Market Dip Sets Bitcoin (BTC) Price Recovery to $47000
Amid the recent reversal of Bitcoin price from the $38500 mark, the 4-hour time frame indicates the development of an inverted head and shoulder pattern. This bullish reversal pattern gives additional confirmation for the ended correction trendline and the possibility of a new rally.
Having said that, Bitcoin whales were actually accumulating more of this digital asset during the recent correction. According to insights from renowned crypto analyst @ali_chart, approximately 67 new entities have entered the scene, now holding 1,000 BTC or more each. This represents a substantial 4.50% increase in just two weeks.
While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!
Around 67 new entities now hold 1,000 #BTC or more, marking a 4.50% increase in two weeks. pic.twitter.com/tje3fhznRR
— Ali (@ali_charts) January 30, 2024
On January 29th, the BTC price gave a bullish breakout from the pattern’s neckline resistance at $43000, offering a new entry opportunity for traders. Currently trading at $43580, if the BTC price holds above the breached resistance, the buyers may drive a rally to $47000 in near future.
Bullish Pattern May Bolster Avalanche (AVAX) Price to Surpass $75 Mark
An analysis of the daily time frame shows the Avalanche (AVAX) price developed a bullish pennant pattern in the daily time frame chart. This chart pattern commonly observed as an established uptrend provides buyers an opportunity to revive bullish momentum.
On January 23, the AVAX price rebounded from $27.5 support and surged 33% in the last eight days. This uptick breached the resistance trendline of the pennant pattern, providing buyers an additional confirmation of uptrend continuation.
With sustained buying, the post-breakout rally could assist the AVAX price in chasing the $76 mark.
Here’s Why SUI Price May Surpass $1.7 Barrier
Despite the recent downturn in the broader crypto market, the SUI token has maintained its resilience, holding steadfastly above the $1 psychological threshold. A notable rebound from this level has propelled the token’s value by 56% over the past eight days, with its current trading price at $1.57.
This surge has notably surpassed the previous swing high resistance zone between $1.45 and $1.46, suggesting that the preceding corrective phase allowed buyers to regain their bullish momentum.
According to the Fibonacci extension tool, the upward trajectory of the SUI price could target $1.68, followed by a more ambitious goal of $2.77. However, the relatively high ADX value of 31% indicates that further pullbacks might be necessary to sustain a stable rally in the near term.
