– Bitcoin price climbed to $38,380, for the first time since May 2022, inching closer to its $40,000 target.
– Bitcoin could hit its bullish target if Tether whales fuel demand for BTC.
– Tether’s 100 largest addresses added $1.67 billion to their buying power in the last six months.
Bitcoin price crossed the $38,300 mark for the first time in eighteen months, as demand for BTC climbed steadily.Catalysts like anticipation of a spot Bitcoin ETF approval by the US financial regulator and rising demand from Tether whales, are likely driving BTC price higher.
Also read:
If you like Bitcoin, buy Bitcoin: Jim Cramer admits to making profits from Bitcoin investments
Bitcoin price rally gathers support from Tether whales
Among the contributors to
Bitcoin’s run up to $38,300, Tether whales emerged as prominent ones.Based on data from crypto intelligence tracker Santiment, the 100 largest Tether addresses added $1.67 billion to their holdings in the last six months.As the buying power of these stablecoin whales climbs, the probability of Bitcoin’s price rally to $40,000 increases.
To establish the relationship between Tether whales and Bitcoin’s price rally, Santiment highlights the two-week drop in whale USDT token holdings, alongside
BTC run up to $38,300.Tether whales spent their stablecoins likely accumulating Bitcoin and fueling demand for the largest cryptocurrency.
During Bitcoin’s price dip in August, stablecoin whales accumulated
BTC tokens, a bullish divergence appears on the chart below.
Tether whales likely drive Bitcoin price higher
Bitcoin price is in an uptrend that started in November 2022.BTC price is $37,795 on Binance, after BTC’s recent pullback from the local peak at $38,380.
Bitcoin price eyes the $40,000 target, nearly 6% rally from the current level.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Shibarium daily transactions nearly double overnight, might support SHIB price recovery
Shibarium, the scaling solution for Shiba Inu, observed an increase in transaction activity.The rise in transaction count is indicative of higher activity on Shibarium, fueling a bullish outlook among traders for SHIB price.
More Shibarium News
Bitcoin Weekly Forecast: Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin (BTC) price, from a high time-frame perspective, has been in an up-only trend since the start of 2023.
BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund (ETF) approval.
More Bitcoin News
FTT rallies 25% as it benefits from FTX revival hopes, Binance saga
FTT price climbed 25% in the past week, amidst hopes of FTX2.0 and the events that led to Binance’s settlement.
FTX exchange’s native token started a second rally after news of Binance’s $4.3 billion settlement with the DoJ.
More Cryptocurrencies News
Investors lose $2.7 million as multiple on-chain projects rug pull
PeckShield, a blockchain security firm has reported rug pulls in 13 cryptocurrency assets.Exploiters have swapped $2.7 million worth of rug pulled tokens for wrapped Ether and wrapped BNB.
More Cryptocurrencies News
Bitcoin: Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023.BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval.
With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.
Read full analysis.