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.
Yuri Molchan"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.
#Bitcoin | The TD Sequential presents a buy signal on $BTC 12-hour chart, coupled with the formation of a reversal doji candlestick. #BTC must avoid closing below $29,800 to gain the strength to validate the bullish signal and climb to $30,600 or even $31,300. pic.twitter.com/SiDknRbOlV
— Ali (@ali_charts) July 19, 2023
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.
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.
A whale deposited 4,451 $BTC ($133.7M) to #Binance an hour ago.
— Lookonchain (@lookonchain) July 19, 2023
The last time the whale deposited a large amount of $BTC(5,000 $BTC, worth $118M) to #Binance was on Jan 30, and the price of $BTC dropped by ~4.2% after depositing. pic.twitter.com/v5YzDKXYIC
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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