Bitcoin heads for 2-week highs as Terra promises BTC price will soon ‘get spicy’

Bitcoin

Bitcoin heads for 2-week highs as Terra promises BTC price will soon 'get spicy'

Whales may be indecisive about accumulating, but bulls are getting vocal with their Bitcoin price targets.

Bitcoin heads for 2-week highs as Terra promises BTC price will soon 'get spicy'

Bitcoin (BTC) regained fresh ground on April 21 after bears failed to gain control of short-term price action overnight.

Bitcoin heads for 2-week highs as Terra promises BTC price will soon 'get spicy'

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Trader: Holding $42,300 could open up path to $50,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching new local highs of $42,455 on Bitstamp Thursday.

With the Wall Street open still to come, upward momentum meant that the pair was now at its highest since April 10. Wednesday’s opening bell had nonetheless been accompanied by bearish price pressure, and traders thus remained cautious about what could come next.

“If the market wants to see continuation, it has to crack that region around $42.3K for Bitcoin,” Cointelegraph contributor Michaël van de Poppe told Twitter followers.

Whales not in the mood for “up only” bets

Looking at whales’ movements more broadly, however, there remained a lack of a convincing trend.

As trader and analyst Rekt Capital noted on the day, buying and selling among Bitcoin’s largest hodlers remains caught in a narrow range.

“Number of unique addresses holding min. 10K BTC has been increasing since Feb ’21,” he commented alongside data from on-chain analytics firm Glassnode.

“That said, 1st signs of a Lower High forming as some whales offloaded positions at ~$43K. Whales generally accumulating but some sold lately. Could the Higher Low get revisited?”

10,000 BTC wallet numbers vs. BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Addresses with at least 10,000 BTC peaked in 2018, with the bear market bottom of December that year causing a heavy reallocation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Rate article
( No ratings yet )
FORECRYPTO