After a relatively steady beginning to the week, the price of Bitcoin (BTC) experienced a sudden decline, dropping below $68,000 due to the Securities and Exchange Commission’s (SEC) decision on approving Ethereum exchange-traded funds (ETFs) in cash. However, the price of the leading cryptocurrency has rebounded today.
Currently, Bitcoin is approaching the $70,000 mark once again. Rumors of an imminent approval of an Ethereum spot ETF by the SEC caused the price of BTC to surge to nearly $72,000 during the week, reaching a peak not seen in almost two months.
Following the ETF approval-induced fall, Bitcoin whales saw an opportunity to increase their token holdings. Well-known cryptocurrency analyst Ali Martinez observed significant buying activity from whales in the Bitcoin market. In just one day, these large BTC holders purchased $1.34 billion worth of tokens.
“Bitcoin whales are buying the dip! These large BTC holders purchased over 20,000 BTC in the last 24 hours, worth $1.34 billion, as prices fell below $67,000,” Martinez reported.
At the time of writing, the price of Bitcoin is quoted at $69,410.23, marking a 3.2% increase in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of $22,189,897,186.
Bitcoin price to reach $150,000 in 2024, predicts Tom Lee
Tom Lee, a veteran industry commentator and managing partner and head of research at Fundstrat Global Advisors, has made an optimistic prediction for the price of Bitcoin based on recent movements in the cryptocurrency market. In a recent interview with CNBC, Lee expressed his positive outlook on Bitcoin’s growth.
Lee believes that Bitcoin is on a trajectory to reach $150,000 in 2024, surpassing new milestones and achieving unprecedented price levels. According to Fundstrat’s projections, the largest cryptocurrency in the market will reach six figures in the “base case” scenario by 2024.
Disclaimer: The views and opinions expressed in this article, as well as any individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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