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Bitcoin Price Prediction for Today: Will BTC Price Reach $84,800?
The crypto market has been witnessing a series of unusual events lately, and the recent price action of Bitcoin suggests a notable drop in on-chain readings and future data as well. Meanwhile, the whale accumulation remains at its peak, indicating a substantial rise in institutional investors. The data from Glassnode suggests that BTC wallets holding over 1000 BTC have increased from 2040 to 2079 and are currently stabilized to 2077.
Monitoring whale activity is extremely crucial, as they can significantly influence the BTC price. The growing number of whales displays the growing confidence among investors. New investors or first-time investors are also on the rise, which could potentially be a bullish signal. The data from Cryptoquant suggests that these new investors have accumulated nearly 172,705 BTC since then.
The recent dip in Bitcoin prices has attracted huge investors to the platform, as it happened during the FTX collapse. Investors have utilized this buy-the-dip opportunity and accumulated a substantial amount of Bitcoins. This event could be seen as a positive sign for the future price action of the cryptocurrency.
These on-chain readings hint towards a significant rise in the confidence of whales and new investors, which is essential to maintain volatility within the markets.
Source: https://coinpedia.org/price-analysis/bitcoin-price-prediction-for-today-will-btc-price-reach-84800/
