Bitcoin targets $45,000 mark
Bitcoin targets $45,000 mark
The price of Bitcoin (BTC) has confidently cleared the resistance levels of $43,400 and $43,500 and is targeting the psychological $45,000 mark.
According to crypto analysts, the growth of BTC is taking place against the backdrop of accumulation of the asset by big whales.
According to the analytics platform Santiment, the price of Bitcoin has returned to the $44,500 mark, which is due to the increase in amounts in wallets of 1,000+ BTC.
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The platform's analysts pointed out that the total volume of such BTC wallets has reached its highest level in the last 14 months.
These accumulations indicate the positive sentiment and confidence of crypto investors in the long-term prospects of the largest cryptocurrency by capitalization.
Crypto analyst and trader Ali Martinez also points to BTC holders' confidence in the asset's bullish trend. Martinez said that out of more than 3 million addresses, about 1.50 million Bitcoins were purchased in the price range of $41,800 to $43,080.
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"This is the main support zone at the moment," the analyst said.
It's worth noting that the long-term correlation between the cryptocurrency and the S&P 500 remains intact, with many cryptocurrency market participants believing that BTC and other digital assets will catch up to the index before Bitcoin halves in April 2024, according to CoinGape.
After years of observation, the cryptocurrency is showing significant bullish growth at a time when its correlation with stocks is minimal or non-existent.
At the time of writing, Bitcoin is trading at $44,492, up 3.67% in the last 24 hours.
If BTC is able to overcome the resistance zone at $44,800, it will continue its upward momentum, while in the opposite scenario, it may start a downward correction.
