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Bitcoin whales in a ‘buying frenzy’ ahead of catalyst: analyst

bitcoin-whales-in-a-buying-frenzy-ahead-of-catalyst-analyst
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Markets
Bitcoin whales in a ‘buying frenzy’ ahead of catalyst: analyst

A crypto analyst believes several major catalysts could fuel further Bitcoin price increases.

In a Dec. 27 YouTube video, the analyst behind the popular CryptosRUs channel said he believes Bitcoin (BTC) is seeing renewed buyer demand ahead of multiple potentially market-moving events in the coming weeks and months.

There are three metrics that say a fresh move is imminent. […] We know a move is imminent because we’re less than two weeks away from spot Bitcoin ETF approval. I mean you don’t need metrics. You don’t need charts to tell you that that’s a major major catalyst for imminent movement.

CryptosRUs

The analyst says the launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S., expected within weeks, is the next likely trigger for Bitcoin’s price. An ETF could bring significant new investor inflows, providing buying pressure the analyst believes could push Bitcoin to $48,000 from current levels of around $43,000.

The analyst also noted falling Bitcoin dominance in the overall cryptocurrency market as a sign of building momentum. Bitcoin dominance refers to Bitcoin’s share of the total crypto market capitalization.

“Market is hot,” the analyst said, pointing to widespread gains across alternative cryptocurrencies. “Today is a pretty good day.”

The analyst believes Bitcoin has much further to run in its current bull cycle, expecting new highs above $100,000 in 2024. He cited Bitcoin’s previous price action around the Christmas holidays as one precedent for this view, noting Bitcoin has tended to post gains over the holidays in past bull cycle years.

The analyst also covered several layer 2 scalability solutions for the Ethereum (ETH) blockchain, expressing his view they are gaining momentum versus Ethereum itself. He said projects like Optimism (OP) and Arbitrum (ARB) offer faster and cheaper transactions than Ethereum, which could allow them to siphon activity away from the top layer 1 blockchain.

No one is launching on ETH right now. I hate to say it but that’s the harsh reality because there are so many options and a lot of these ecosystems are thriving now, you know, so that’s why they’re so strong. So again, until ETH could scale completely and get that out of the way and users no longer have to worry about congestion or high gas fees, these L2s and L1s will continue to thrive for sure.

CryptosRUs