The post Bitcoin Price Analysis: Analyst Expects 28% BTC Boom as Investors Flock to Accumulate appeared first on Coinpedia Fintech News
Since Monday, Bitcoin (BTC) has shown reduced volatility, with $28,000 acting as a significant resistance level, while $27,400 has prevented potential capitulation. Amidst the October bullish sentiment, investors are gearing up for a rally that could propel Bitcoin to a new high in 2023. Despite some altcoins rebounding strongly from their bear market lows, Bitcoin’s dominance has remained above 50 percent. Notable performers include Chainlink (LINK) and Avalanche (AVAX).
#Bitcoin's mid to large sized wallets have gained steam in accumulating coins, adding 71,155 $BTC ($1.95B) in the past 6 weeks alone. The combined holdings of these addresses are within ~90K $BTC (0.59% away) from their 15.29M held in November, 2021. https://t.co/FL5GaLOkJa pic.twitter.com/c8qK4nqwrc
— Santiment (@santimentfeed) October 5, 2023
Large Bitcoin Wallets Accumulate 71,155 Coins in Six Weeks
According to an on-chain analysis conducted by market intelligence firm Santiment, mid to large-sized Bitcoin wallets holding between 1 and 10,000 coins have added 71,155 coins, equivalent to approximately $1.95 billion, in just the past six weeks. This group of investors now collectively holds about 15.29 million Bitcoins, a significant increase over the past two years.
Notably, this substantial accumulation of Bitcoin has occurred despite short-term market uncertainty. Institutional investors like BlackRock, through MicroStrategy, are accumulating with anticipation of a spot Bitcoin ETF approval by the SEC in the coming year.
Technical Analysis Points to a Potential Double-Digit Percentage Breakout
From a technical standpoint, Bitcoin’s price appears to be on the cusp of a double-digit percentage breakout in the coming weeks. Well-known crypto analyst Captain Faibik suggests that a surprise pump could materialize in line with the October narrative. Captain Faibik has set a Bitcoin price target between $35,000 and $36,000, representing a potential increase of approximately 28 percent.