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Bitcoin (BTC) Targets $31,300, Here's What Can Push It Up, Analyst Says

Wed, 07/19/2023 - 10:44
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Yuri Molchan
Crypto analyst names condition on which Bitcoin may soar close to $31,000 level or even go above it
Bitcoin (BTC) Targets $31,300, Here's What Can Push It Up, Analyst Says
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Crypto analyst and trader Ali Martinez has published a tweet saying that he spotted a buy signal on a Bitcoin chart. He has explained what the flagship cryptocurrency needs to do now in terms of technical analysis in order to regain its position above the $30,000-$31,000 levels.

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"Buy signal on BTC 12-hour chart"

Martinez tweeted that the TD Sequential indicator has shown a buy signal for Bitcoin. However, he also spotted a reversal DOJI candle forming on the chart, which may indicate a bearish price reversal coming for Bitcoin soon.

The analyst believes that if Bitcoin managed to avoid closing under the $29,800 level, it may become strong enough to validate the bullish signal and rise as high as $30,600 or even maybe $31,300.

At the time of publishing this article, the leading digital currency is trading at $29,980, according to CoinMarketCap. Bitcoin's recent high gains, which it received on the news of BlackRock, Fidelity and other Wall Street companies filing for Bitcoin ETFs with the SEC regulator, have been partly erased by now.

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Whale that pushed BTC down in winter is doing it again

According to a tweet published by the "Smart Whale" tracker @lookonchain, a short while ago, a whale transferred 4,451 BTC to the Binance exchange. That chunk of Bitcoin is the equivalent of $133.7 million.

The tweet says that the same whale also deposited approximately 5,000 BTC on Jan. 30 (evaluated at $188 million back then). After it happened, the price of Bitcoin slumped roughly 4.2% — from roughly $23,700 to $22,700.

During the period between Oct. 6 and Dec. 15, @lookonchain continues, the same whale acquired approximately 25,160 BTC, paying $19,059 per Bitcoin on average.

Currently, this wallet contains 15,603 BTC worth almost $470 million.

However, crypto journalist Colin Wu says that per data shared by Arkham Intelligence, this may be an internal transfer of Binance itself.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at