Bitcoin: If Kraken whales are to be believed, THIS is BTC’s next target
Journalist
Posted:
- BTC topped $107K amid elevated optimism of a possible US nationwide reserve.
- Kraken whales positioned promote orders at $150K-$160K value targets.
On the sixteenth of December, Bitcoin topped $107K on rising hopes of the US making a nationwide BTC reserve.
The passion may make the subsequent $110K goal reachable, however Kraken whales eyed $150K-$160K value ranges.
In keeping with BTC on-chain analyst, Bitcoindata21, Kraken whales’ promote orders above $150K mirrored the early 2024 development which muted the cryptocurrency momentum under $80K. He said,
“Kraken whales are beginning to inform us the place bitcoin value goes to decelerate within the coming months. Some promote orders above, that could possibly be comparable to people who stopped value appreciation earlier this 12 months.”
Supply: X
BTC’s rising demand
BTC’s current all-time excessive (ATH) above $107K was boosted by robust spot market demand.
In keeping with Julio Moreno, head of analysis at CryptoQuant, promote strain from massive gamers has eased amid rising demand. He said,
“Bitcoin OTC desks are seeing their largest month-to-month stability decline to this point this 12 months, -25k Bitcoin, as demand continues to develop. Moreover, their stability has fallen by 40k Bitcoin since November 20.”
Supply: CryptoQuant
For context, OTC (Over the Counter) Desk Stability, represents promote strain from massive gamers that don’t use centralized exchanges. Its decline is a optimistic signal for BTC’s upside.
The elevated investor urge for food for BTC may push it larger and hit the anticipated $120K-$150K targets.
Curiously, the present value motion carefully adopted Polymarket’s odds of the US making a BTC reserve.
The chances surged from 25% to a excessive of 40% on Monday, similar to BTC’s leap from $94K to $107K over the identical interval.
At press time, the percentages eased barely to 38% as BTC slipped to $106.5K. This instructed that the US BTC reserve was the subsequent key catalyst for the anticipated $120K-$150K targets or past.
Now, does that imply the extensively anticipated pullback was not a priority?
Nicely, the pullback danger was nonetheless there, a minimum of per elevated profitability as tracked by aSOPR. Traditionally, BTC hit an area prime when the metric tapped the primary or second band as worthwhile holders money out.
As of this writing, the metric was near hitting the primary band, suggesting {that a} pullback was nonetheless on the playing cards.
Supply: Glassnode
