Popular Analyst Crypto Rover Optimistic of Bitcoin (BTC) Price Bounce
https://ift.tt/qEZAtz1
- The price of Bitcoin (BTC) has declined more than 7% in the last seven days.
- LFG increased its Bitcoin treasury by around 2508 bitcoins.
Bitcoin (BTC) has plummeted from its all-time highs in 2022 and is presently stuck in a year-long similar trading pattern. However, the token’s low value is enticing long-term investors with big holdings to take advantage of the fall.
The price of Bitcoin (BTC) has declined more than 7% in the last seven days, trading below $40,000. It might result from anxieties about inflation, fears of an economic recession, and the Federal Reserve’s hawkishness. As a result, the currency has drawn a large number of dip buyers, who are buying at lower prices. Therefore, another significant rise in the price of BTC might follow.
Bitcoin Buying Continues
On weekdays, nearly 4000 whale transactions exceeding $1 million were recorded by blockchain analytics company Santiment, even as the price of BTC fell. It showed that key participants in the BTC market were still operating despite the token’s price decrease.
Famous cryptocurrency analyst Crypto Rover using a chart depicting an ideal retest scenario is optimistic. According to the expert, this retest might be the beginning of a big surge for Bitcoin. When whale transactions surge, it’s usually a sign of an impending price peak or trough. A rise in whale activity may signify that BTC has hit bottom at around $40,000 and is ready for further advances.
On Wednesday, the Luna Foundation Guard (LFG) increased its Bitcoin treasury by around 2508 bitcoins, worth more than $100 million. The LFG now owns 42,406.92 BTC in its wallet address, thanks to the most recent purchase. Bitcoin has failed to rise beyond $40k despite the purchase of $250 million this week.
Cryptocurrency
