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Bitcoin Needs ‘Low $40,000s’ for Best Bull Market Entry — 10x Research

Crypto analysts suggest waiting for Bitcoin to drop to the low $40,000 for the best bull market entry.

• Main Points:

  • Optimal Entry Point: Target Bitcoin price in the low $40,000s.

  • Current Valuation: Bitcoin is currently valued at $56,848.

  • Analyst Opinions: Other analysts predict a drop to $40,000.

  • Market Volatility: Skepticism about the buy-and-hold strategy.

  • ETF Influence: Recent outflows from Bitcoin ETFs.

• Detailed Insights:

  • Optimal Entry Point: Markus Thielen of 10x Research recommends waiting for Bitcoin to fall into the low $40,000s for an ideal entry before the next bull run.

    Current Valuation: As of publication, Bitcoin is valued at $56,848, a 12.89% drop since July 31.

  • Analyst Opinions: Analysts like Timothy Peterson and David Gokhstein foresee a potential drop to $40,000, offering prime buying opportunities.

  • Market Volatility: Thielen advises against holding due to expected near-term volatility, emphasizing the lack of high risk-reward ratios in Bitcoin and Ethereum compared to US stock markets.

  • ETF Influence: Despite $17 billion inflows into spot Bitcoin ETFs since January, recent ETF outflows and Bitcoin’s downtrend raise concerns. Thielen notes that investors might hesitate to buy the dip, with retail investors potentially cautious.

Related: Bitcoin Decline Mirrors 2016 Bull Run Start

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Parabolic Bitcoin Surge Expected as Whales Accumulate 404,448 BTC

Bitcoin whales accumulate 404,448 BTC worth $23 billion in the past 30 days, signaling a potential market rally.

• Main Points:

  • Whale Accumulation: 404,448 BTC moved to permanent holders.

  • Market Shift: Indication of strong market sentiment shift.

  • Analyst Predictions: Possible major entity Bitcoin acquisitions by Q3 2024.

  • Historical Correlation: Whale activity precedes major price rallies.

  • Long-term Impact: Reinforces the influence of long-term holders.

• Detailed Insights:

  • Whale Accumulation: Permanent holders, often referred to as whales, have accumulated 404,448 BTC valued at $23 billion in the past 30 days.

  • Market Shift: This significant accumulation suggests a deliberate effort by whales to consolidate holdings, indicating a strong shift in market sentiment.

  • Analyst Predictions: CryptoQuant CEO Ki Young Ju predicts that major entities, including financial institutions and governments, might announce Bitcoin acquisitions by Q3 2024, fueling further speculation.

  • Historical Correlation: The surge in accumulation mirrors past patterns where similar activity led to substantial price rallies, such as the late 2020 accumulation followed by the 2021 price surge.

  • Long-term Impact: The recent spike in whale activity highlights the significant role of long-term holders in influencing overall market dynamics, reinforcing the trend of accumulation preceding bullish market phases.

Related: Elon Musk’s Cryptic Tweet Fuels Bitcoin Speculation Amid Market Crash

Saylor: BTC Strategic Reserve is ‘Louisiana Purchase’ Moment for US

Michael Saylor likens a US strategic Bitcoin reserve to the historic Louisiana Purchase, urging the US to accumulate BTC.

• Main Points:

  • Strategic Reserve Proposal: Saylor supports accumulating 1 million BTC.

  • Historical Comparison: Compare BTC purchase to the Louisiana Purchase.

  • Price Prediction: Saylor forecasts BTC to reach $13 million by 2045.

  • Political Endorsement: US leaders show increasing support for Bitcoin.

  • Market Resilience: Long-term investors remain steady despite the market drop.

• Detailed Insights:

  • Strategic Reserve Proposal: Michael Saylor, co-founder of MicroStrategy, advocates for the US Treasury to acquire 1 million BTC, nearly 5% of the total supply, as a strategic reserve. He supports Wyoming Senator Cynthia Lummis’ proposed BITCOIN Act.

  • Historical Comparison: Saylor compares this potential Bitcoin acquisition to the Louisiana Purchase of 1803, which significantly expanded US territory. He believes Bitcoin is a valuable digital property for the future.

  • Price Prediction: During a keynote at Bitcoin 2024, Saylor predicted Bitcoin's price would reach approximately $13 million per coin by 2045, highlighting his long-term bullish stance.

  • Political Endorsement: The Bitcoin 2024 conference saw support from US presidential candidates, governors, senators, and house members, marking an inflection point for Bitcoin’s acceptance among national leaders.

  • Market Resilience: Despite a recent $510-billion market capitalization drop, long-term investors like BlackRock’s iShares Bitcoin Trust (IBIT) showed resilience with zero net outflows on August 5.

Related: Bitcoin Staging a Rally Post-Bear Market Turbulence?

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results