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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin

Bitcoin Price To $40,000? Here’s What Needs To Happen

Opeyemi Sule
by Opeyemi Sule
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price recently showed some good strength and momentum to cross above the $38,300 level for the first time in over a year. This positive move came on Friday, 25th of November, ending a week marked by the departure of Changpeng “CZ” Zhao from Binance, the world’s largest cryptocurrency exchange.

According to the latest on-chain revelation, the rally above $38,000 might just be an indicator of what is to come, should the Bitcoin price maintain its current momentum.

Santiment Predicts Push To $40,000, But Here’s What Needs To Happen

Blockchain analytics platform Santiment, in a post on X, provided insight on Bitcoin’s latest push above the $38,000 price. Although the premier cryptocurrency has since experienced a price correction, this latest surge helped the Bitcoin price to its highest point since May 5, 2022.

Related Reading: Regulatory Pressure? Top Bitcoin Lightning wallet Ceases US Services In Unexpected Move

While the Bitcoin price spurt can be tied to numerous factors, Santiment has pointed to the largest Tether (USDT) addresses as one of the major contributors. According to on-chain data provided by the analytics platform, the top 100 largest Tether addresses have invested $1.67 billion into the market over the past six months, reflecting a 9.7% in buying power.

Bitcoin Price

Tether's large addresses add $1.67 billion in six month | Source: Santiment/X

Tether, the largest US dollar stablecoin in the market, often provides stability for traders and investors in the naturally volatile cryptocurrency market. Going by Santiment’s revelation, the recent infusion of funds by USDT whale addresses suggests a growing confidence amongst the significant class of investors.

Whales or large crypto holders are deemed important in the cryptocurrency landscape, as their collective actions can dictate market sentiment and influence the trajectory of asset prices. In fact, the on-chain intelligence platform highlighted that “if whale USDT buying power continues to rise,” the Bitcoin price could break the $40,000 barrier in the near future. 

Nevertheless, the Bitcoin market, as is the general cryptocurrency market, is also driven by a host of other factors, including regulatory developments, macroeconomic trends, and technological advancements. On regulatory developments, several asset managers are still awaiting the green light from the Securities and Exchange Commission (SEC) to offer Bitcoin spot exchange-traded funds (ETFs) in the United States. 

Bitcoin Price – Overview

As of this writing, the Bitcoin price stands at $37,834, reflecting a 1.1% jump in the past 24 hours. Although the market leader had to endure a relatively quiet past week, BTC’s value has managed to grow by nearly 4% in the last seven days, according to data from CoinGecko. With a market capitalization of roughly $739 billion, Bitcoin currently ranks as the largest cryptocurrency.

Related Reading: Bitcoin Difficulty Set To See 6th Straight Surge, Here’s Why

Bitcoin Price

Bitcoin price hovers around $38,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Barron, chart from TradingView
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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