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December 2, 2023
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Bitcoin Price Analysis: Analyst Expects 28% BTC Boom as Investors Flock to Accumulate

The post Bitcoin Price Analysis: Analyst Expects 28% BTC Boom as Investors Flock to Accumulate appeared first on Coinpedia Fintech News

Since Monday, Bitcoin (BTC) has shown reduced volatility, with $28,000 acting as a significant resistance level, while $27,400 has prevented potential capitulation. Amidst the October bullish sentiment, investors are gearing up for a rally that could propel Bitcoin to a new high in 2023. Despite some altcoins rebounding strongly from their bear market lows, Bitcoin’s dominance has remained above 50 percent. Notable performers include Chainlink (LINK) and Avalanche (AVAX).

Large Bitcoin Wallets Accumulate 71,155 Coins in Six Weeks

According to an on-chain analysis conducted by market intelligence firm Santiment, mid to large-sized Bitcoin wallets holding between 1 and 10,000 coins have added 71,155 coins, equivalent to approximately $1.95 billion, in just the past six weeks. This group of investors now collectively holds about 15.29 million Bitcoins, a significant increase over the past two years.

Notably, this substantial accumulation of Bitcoin has occurred despite short-term market uncertainty. Institutional investors like BlackRock, through MicroStrategy, are accumulating with anticipation of a spot Bitcoin ETF approval by the SEC in the coming year.

Technical Analysis Points to a Potential Double-Digit Percentage Breakout

From a technical standpoint, Bitcoin’s price appears to be on the cusp of a double-digit percentage breakout in the coming weeks. Well-known crypto analyst Captain Faibik suggests that a surprise pump could materialize in line with the October narrative. Captain Faibik has set a Bitcoin price target between $35,000 and $36,000, representing a potential increase of approximately 28 percent.

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