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Bitcoin (BTC) Price Prediction: Whales Accumulate 16,000 BTC While Market Awaits Powell Speech
The crypto market has been on edge since the start of the week, awaiting the highly anticipated speech from Federal Reserve Chair Jerome Powell at Jackson Hole. Amidst this uncertainty, Bitcoin (BTC) price prediction has taken a dramatic turn with whales accumulating an astonishing 16,000 BTC while retail investors sell their holdings.
The recent dip in the market saw Bitcoin drop by 0.74% to $113,018, signaling a cautious approach from traders as they await Powell’s remarks. The accumulation of over 16,000 BTC by whales is a stark contrast to retail investor activity, with smaller traders choosing to cut their losses and sell their holdings.
According to CryptoQuant data, this whale behavior bears striking similarities to the August correction. Large players increased their positions while retail investors exited the market, hinting at the possibility of forming a local bottom. As such, this accumulation could be signaling an impending reversal in the short term.
The current technical indicators present mixed signals for Bitcoin’s outlook. While the Relative Strength Index (RSI) is oversold with a reading of 32.93, pointing to exhausted bearish sentiment, the MACD indicator remains weak and below the signal line, indicating continued negative momentum.
As we await Powell’s speech, it appears that market participants are taking a cautious stance. Should Bitcoin maintain support above $112,000, a potential bounce could be in the offing for the coming sessions. However, continued fund outflows, such as BlackRock’s massive 10,585 BTC transfer to Coinbase, may exacerbate downward pressure on the asset.
Furthermore, the upcoming Federal Reserve meeting holds significant implications for Bitcoin and other risk assets. The market is currently pricing in an 81% probability of a 0.25% rate cut, which typically benefits risk-on assets like cryptocurrencies. However, September has historically been a challenging period for both Bitcoin and traditional equities, as they have averaged 1% declines over the past 35 years.
In conclusion, it remains crucial to monitor Bitcoin’s price action closely in the coming days, with potential implications of Powell’s speech and future rate decisions looming large.
Source: coincentral.com
