Following a relatively stable start to the week, the price of Bitcoin (BTC) experienced a reversal, dropping below $68,000 due to the Securities and Exchange Commission’s (SEC) decision on approving Ethereum exchange-traded funds (ETFs) in cash. However, the price of the largest cryptocurrency has risen again today.
Currently, Bitcoin is approaching the $70,000 mark once more. This week, rumors of the imminent approval of an Ethereum spot ETF by the SEC caused the price of BTC to skyrocket to nearly $72,000, a peak not seen in almost two months.
Amidst the recent decline following the ETF approval, Bitcoin whales have taken the opportunity to increase their holdings. Well-known cryptocurrency analyst Ali Martinez has observed significant buying activity among these large BTC holders. In just 24 hours, whales purchased $1.34 billion worth of BTC tokens.
“Bitcoin whales are buying the dip! These large BTC holders purchased over 20,000 BTC in the last 24 hours, worth $1.34 billion, while prices fell below $67,000,” Martinez wrote.
At the time of publication, the price of Bitcoin was quoted at $69,410.23, reflecting a 3.2% increase in the past 24 hours. During this period, the cryptocurrency saw a trading volume of $22,189,897,186.
Tom Lee, a veteran industry commentator and the managing partner and head of research at Fundstrat Global Advisors, believes that the price of Bitcoin will reach $150,000 in 2024. Observing recent market movements, Lee shared his optimistic prediction for the largest cryptocurrency in an interview with CNBC. He emphasized the meteoric rise that Bitcoin is expected to experience later in 2024.
According to Lee, Fundstrat predicts that Bitcoin will reach six figures in the “base case” scenario in 2024, breaking new barriers and reaching unprecedented price levels.
Disclaimer: The views and opinions expressed in this article, as well as those of any individuals mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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