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The latest wave of wealthy Bitcoin investors are enamored with the cryptocurrency. Since late November, they have been amassing more than a million Bitcoins between them. They took another 200,000 coins just last month.
According to research from CryptoQuant, these are not your normal long-term investors. The majority of these “new whales”—who each have at least 1,000 Bitcoin—are novices who have owned their holdings for less than six months. They won’t be here for long. Money is what they smell.
According to some market observers, when people see this kind of buying from major players, they’re not doing it to lose money. They anticipate a price spike in the near future, not three or five years from now, based on the swift holding pattern.
Market Shake-Up
On January 17, the open interest in Bitcoin futures reached an insane $33 billion. Then there was a crash. Approximately $10 billion worth of wagers were quickly wiped out between February 20 and March 4.
Why is this so? The finger is pointing at US President Donald Trump. The new administration’s position on cryptocurrency caused political turbulence that rocked the market. By the end of the day, futures bets saw a 14% decline in the 90-day change.
Get Ready For A Price Jump, History Says
We’ve already seen this flick. Experienced market observers are aware of the usual outcomes following these significant clearouts. Bitcoin has a tendency to rise, sometimes sharply.
Historically, Bitcoin’s price has been driven by the combination of large money buying in and hazardous investments being flushed out.
Is Bitcoin Going To Reach $160,000?
Some analysts are dusting up their crystal balls because whales are purchasing at unprecedented speeds and market leverage is at healthier levels.
Where will Bitcoin go next? A price projection of $150,000 or perhaps $160,000 is possible. That would surpass every prior record.
The basic math: prices often rise when millionaires purchase substantial portions of the finite supply of Bitcoin. Almost immediately, these new whales have altered the supply-demand equilibrium.
A cryptocurrency fund manager asserts they’re not buying just to sell at a loss—unlike retail investors, they see what’s coming before it happens.
Bitcoin owners may be in for a pleasant surprise if the current buying trend continues. The question is not if prices will increase, but rather how quickly and to what extent.
Featured image from Casa Blog, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
