Bitcoin (BTC) could move towards $40k in the near future as whales continue to accumulate more and more BTC. Bitcoin has recently rebounded from $30k and it could be now moving towards $40,000.
Technical analysts consider that there has been a broadening formation in recent weeks. The price of the virtual currency has recently bottomed from it and now it could be moving to the top of this broadening formation.
Could Bitcoin HIt $40k In the Next Weeks?
Technical analysts consider that Bitcoin could move to $40,000 in the next weeks if the broadening formation remains in place. Experts consider Bitcoin’s bottom at $30,000 the move that could precede Bitcoin’s expansion to $40,000 per coin.
According to a crypto analyst, Bitcoin could not only hit $40,000 but continue moving higher in the coming months as well. In the technical aspects of this pattern, Bitcoin has the possibility to break the upper boundary of the channel, as suggested by the expert.
But we have to also take into consideration that Bitcoin whales have been accumulating Bitcoin over the last weeks. As reported by Will Clemente, whales have been buying “the fear.” In a recent tweet, he shared with the crypto community that whales have added more than 96,000 BTC to their already large holdings of Bitcoin.
About it, WIll Clemente said:
“Whales have been buying the fear. They’ve now added +96,066 BTC to their holdings in the last 3 weeks.”
Whales have been buying the fear. They've now added +96,044 BTC to their holdings in the last 3 weeks. pic.twitter.com/JRBOgrrD1P
— Will Clemente (@WClementeIII) July 21, 2021
Whales are usually one of the most important players in the crypto industry. If they purchase large amounts of BTC, then this helps the price move higher. Whales include large investors, crypto exchanges and other companies.
Having a look at the fundamentals aspects of virtual currencies and taking into account the technical trends in the charts allows investors to make better investment decisions. In this case, both indicators (fundamentals and technicals) seem to be bullish for the largest virtual currency in the world.
Just a few days ago, the entire crypto market was bearish about Bitcoin. The largest crypto in the world fell below $30,000 and it took some time for it to recover above that level. After the recent news about JPMorgan Chase and Amazon, things have changed for the better for Bitcoin and other virtual currencies. What the future would prepare for BTC remains to be seen.