The recent surge in the price of Bitcoin appears to be slowing down, raising concerns that the rally may be coming to an end. This sentiment is reinforced by the actions of Bitcoin whales, who have sold approximately 50,000 BTC in the past week.
BTC price at $43,600 | Source: BTCUSD on Tradingview.com
Institutional investors have also seen minor outflows from digital asset funds, although this is likely due to profit-taking rather than a shift in sentiment. It is worth noting that 89% of Bitcoin’s total supply is currently in profit, which may have influenced the decision of the whales to sell.
Despite the cooling off, there is still optimism that Bitcoin could surpass $50,000 by the end of January 2024. Crypto financial services firm Matrixport predicts this increase, drawing parallels to historical instances such as the launch of Bitcoin futures in 2017, which resulted in a significant price surge.
Additionally, Matrixport expects a breakout before the end of the year, as Bitcoin has historically seen price increases during the Christmas and New Year period. As of now, Bitcoin is trading at around $43,600.
Source: NEWSBTC
