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The price of <a href="https://en.coin-turk.com/will-bitcoin-fall-or-rise-should-you-buy-or-sell-analyst-provides-numbers-in-explanation/”>Bitcoin (BTC) continues to make strong moves, rising by 1.5% early today to the $38,000 level. According to various on-chain metrics, bulls have set their sights on $40,000 and beyond, indicating their dominance.
Accumulation of USDT Boosts Bitcoin
On-chain data reveals that the top 100 Tether wallets have collected over $1.67 billion worth of USDT in the past six months. The data also shows that these wallet addresses have increased their buying power by an astonishing 10% during this period. Data provider Santiment highlighted that Bitcoin reached $38,300 for the first time since May 5, 2022. While this increase can be attributed to various factors, the biggest contributor to the rise is the top 100 Tether wallet addresses, which collectively purchased $1.67 billion in the past six months.
This whale-level accumulation indicates an increase in buying power, and if this momentum continues, analysts predict that Bitcoin has a possibility of surpassing $40,000 in the short term.
Popular crypto data platform Greeks.Live reported that Bitcoin surged past the $38,000 level and reached its highest level of the year after the expiration of monthly options. This upward price movement also contributed to the recovery of Dvol, which had previously dropped to 51% but has now returned to its average of 54%.
The increase in positive market momentum comes from optimism that the first spot Bitcoin exchange-traded fund (ETF) in the US could be approved in the first quarter of next year. Skew, an anonymous crypto analyst, has been observing this significant positive trend for over a month, which aligns well with market expectations. The analyst advises investors to consider every dip as a suitable opportunity to buy until at least one spot ETF is officially given the green light.
What’s Next for Bitcoin?
Currently, Bitcoin’s upward momentum faces resistance around the $38,000 level, but the drop from this resistance has been short and limited. This indicates high demand from buyers seeking opportunities during price consolidation.
This formation creates an ascending triangle characterized by horizontal resistance around $37,800 and an ascending support line that rises from shallow pullbacks. The limited nature of recent declines indicates an increasing bullish trend. Analysts like Alex Kuptsikevich from FxPro expect a potential breakout above $40,000 considering the ascending triangle formation. However, the timing of this breakout remains uncertain.
