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Cryptogambling / Analysts: Bitcoin’s resilience persists amid dip below $40K

Analysts: Bitcoin’s resilience persists amid dip below $40K

Publish Date: 29/01/2024
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In recent YouTube videos on the TechnicalRoundup channel, analysts CryptoCred and DonAlt said Bitcoin (BTC) remained robust despite dipping below $40,000 last week.

They highlighted that, despite the approval of Bitcoin exchange-traded funds (ETFs) triggering some selling, BTC managed to avoid a complete price collapse. They said the absence of substantial BTC sales is a positive signal.

“I liked this price development in recent days. I think in general, given the way the ETF performed and the way we ran the news sales event, one could have reasonably expected prices to are decreasing,” DonAlt said.

DonAlt claimed that Bitcoin was consolidating in a strong uptrend. He said BTC would likely regain its bullish momentum once it clears resistance at $44,000.

“The weekly time frame, if you just look at that, if it ends like that and starts going above $44,000…. there is no good reason to be bearish. Obviously it can go down afterward, but from a technical analysis perspective, this is literally as sideways as it can be in a very strong trend,” he said.

At the time of writing, Bitcoin is priced at $42,416, showing a nine percent increase from its low of $38,678 in the past seven days.

Bitcoin Whales adds $3B BTC holdings

Bitcoin whales have been substantially increasing their holdings in recent weeks. According to data from IntoTheBlock, they added about $3 billion to their holdings since the beginning of 2024, equivalent to approximately 76,000 BTC.

The number of accounts holding between 10,000 to 100,000 BTC saw an increase of 2.88 percent. Meanwhile, the number of accounts with smaller BTC holdings showed mixed changes. Accounts with 0 to 0.001 BTC increased by 1.02 percent, while those holding between 0.001 to 0.01 BTC and 0.01 to 0.1 BTC witnessed decreases of 1.90 percent and 1.36 percent, respectively.

When analyzing addresses by their holdings in USD, a similar trend emerges. Addresses holding less than $1 increased by 4.61 percent, while those holding over $10 million decreased by 2.15 percent.

Recent trends indicate a 1.31 percent decline in the number of whale accounts over 30 days, contrasting with a 2.15 percent rise among investors and a slight 0.02 percent decrease in retail holdings. Notably, the seven-day change in large holders’ inflow surged by 119.83 percent, while the 30-day and 90-day changes displayed declines of 83.23 percent and 91.25 percent, respectively.

Ordiscan founder warns of Bitcoin reorganization

In a blog post titled “The Next Bitcoin Halving Will be Reorged,” Ordiscan.com founder Tristan “T4T5” highlights the unique nature of the upcoming Bitcoin halving event.

He suggests that Bitcoin block 840,000 will have the highest block reward in Bitcoin’s history, surpassing previous records. This is credited to Casey Rodamor’s Ordinals protocol, creating a significant Miner Extractable Value (MEV) opportunity.

Rodamor’s ordinals theory assigns serial numbers to individual satoshis, making them non-fungible and having varying values. For example, a satoshi involved in a historically significant transaction might be considered more valuable.

The upcoming halving block will introduce an “Epic sat,” a rare satoshi created only once per halving—currently only three are in existence.

Tristan suggests that its rarity and significance could give it a market value of over one million dollars or about 25 BTC. The Ordiscan founder explains that this value not only stems from its scarcity but also from the cultural and historical importance attached to these rare assets.

Additionally, the halving coincides with the launch of the Runes protocol, another creation by Rodamor. This new token standard is expected to bring significant changes to the Bitcoin blockchain, starting from block 840,000.

There is significant anticipation and speculation surrounding the first Rune token, considering its potential market impact and historical significance as a pioneering digital asset in the evolving Bitcoin ecosystem.

“So it seems almost inevitable to me that we’ll see the mother of all reorgs on Bitcoin this year,” said Tristan.

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