Bitcoin price held steady above $40,000 throughout the weekend, ending a losing streak that saw it test $38,500. As of Monday, at 9:05 AM GMT+3, Bitcoin was down by 0.25% to trade at $42,158.3.
This climb above $40k comes when whales are aggressively accumulating Bitcoin. They have ignored the pressure from the heavy selling of the Grayscale Bitcoin Trust (GBTC).
Since Dember 12th, 2023, whales have continually increased their Bitcoin investments in the run-up to the Bitcoin ETF approval. This aggressive buying has seen whales increase their BTC holdings by about 76,000 BTC.
Whale activity for Bitcoin has peaked after the price crash to $38,500. In about a week, whales have bought up an extra 10k Bitcoin, which reflects in the continued price resilience above $40k.
- Bitcoin whales aggressively accumulating
- Large wallets have increased their holdings by over 76,000 BTC
- New cryptos like AltLayer continue to excite the market
Bitcoin Bullish But Needs To Break $42,484 For Upside To Be Confirmed
Bitcoin is currently showing upside momentum above $42,000, and buying volumes are rising.
However, if this momentum is to continue in the short term, the price needs to break above $42,484. This is a local high that Bitcoin has made in the last 24 hours. It is also a price level where bulls can expect significant resistance.
If Bitcoin can break through $42,484, it could find some significant resistance at $42,800. If bulls have enough momentum to break through this resistance, the pre-GBTC sell-off momentum could resume and set up Bitcoin for a medium-term rally.
Bitcoin Price Prediction: Strong Outlook For Bulls
The current Bitcoin price resilience indicates that investors expect Bitcoin to trend towards its recent high of $49,000. Growing whale activity and major ETFs buying BTC could boost price recovery.
Bullish sentiment is also likely to grow, given that the Bitcoin halving is getting closer by the day. With a history of triggering historic rallies, anticipating a similar thing happening post-halving could see buyers get more aggressive in the market in the short to medium term.
However, investors looking to maximize returns could consider AltLayer, a new cryptocurrency with lots of potential, thanks to its innovative idea of re-staking rollups.
AltLayer, An Impressive Solution To Security, Decentralization, And Fast Finality
AltLayer just went public and has already been listed on top crypto exchanges like Binance. Investors looking to maximize gains can capitalize on the dip that followed its listing on top exchanges. AltLayer is currently trading at $0.4226.
More Airdrops Incoming
Investors have been drawn into AltLayer by the recent airdrop that saw them earn free tokens.
— Tweet Hunter (@TweetHunterIO) January 25, 2024
AltLayer indicated on X that this is just Airdrop one, meaning investors can expect many more such airdrops going forward. This makes it an exciting cryptocurrency for investors looking to capitalize on price appreciation and those looking to maximize the number of tokens they hold for the long run.
AltLayer is a cryptocurrency that has brought to life the idea of crypto re-staking and takes rollups from major chains such as Optimism, Polygon, Arbitrum, and Stacks, making them more secure. AltLayer also enhances decentralization, interoperability, and fast crypto-economic finality through re-staking.
Industry Heavyweights Are Backing AltLayer
Besides its strong use case, investors are drawn to AltLayer by its strong team of backers. AltLayer is backed by big crypto industry names like Sean Neville of Circle and USDC, Gavin Wood, an Ethereum co-founder, Polychain Capital, Breyer Capital, and Binance Labs.
This gives AltLayer a level of credibility that many new altcoins need to gain. In a market full of pumps and dumps, this could be a pivotal driver to AltLayer’s price. Such potential is enhanced by the fact that Bitcoin is showing upside momentum and will likely uplift the whole market.
To capitalize on AltLayer’s potential, you can buy it from major exchanges like Binance. You can also buy it at decentralized exchanges like Uniswap.