Will Bitcoin continue its rally to $60,000 as whales continue to accumulate?
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Answer Will Bitcoin continue its rally to $60,000 as whales continue to accumulate?
Bitcoin broke through the $56,000 price level and barrier for the first time in five months and is currently trading at $56,800.
Bitcoin started October in an uptrend with its price recovering from most of the losses incurred in the first week of September.
It now appears that Bitcoin will break the $60,000 level after becoming the next target and resistance on its way to breaking the previous record.
The $50K level was the main resistance against Bitcoin at the start of the month but within two weeks, Bitcoin is looking at the $60K level.
Which indicates the bullish momentum driving the price of Bitcoin.
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Major metrics and on-chain fundamentals are flashing bullish signals.
One of the biggest bullish signals is the accumulation of whales, with large whales holding 100-1,000 BTC amassing another 85.7K over the past week.
What makes the accumulation of this whale even more optimistic is the fact that these whales continued to accumulate even when the price was rising to a new high in several months.
This indicates that market sentiment is very high and the whales are expecting the price to rise further.
Will October see a new Bitcoin price peak?
Many Bitcoin supporters and even Wall Street banking giants have made predictions and speculations that Bitcoin will reach $100,000 by the end of the year.
Although this prediction seemed off target just two months ago, optimism has returned again, especially with Bitcoin approaching the test of the peak recorded earlier, and then entering price discovery mode again.
Another major factor that could help the current Bitcoin bullish trend is the approval of the first Bitcoin futures ETF by the US Securities and Exchange Commission.
The Securities and Exchange Commission (SEC) was completely skeptical about the cryptocurrency market led by its president, Gary Gensler, but confirmed that the United States had no plans to ban cryptocurrencies.
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Thus, the first ever Bitcoin ETF will open the market to many new institutional investors and make Bitcoin more popular.
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The Ethereum network is experiencing tremendous growth for these reasons!
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