{"id":572703,"date":"2024-02-01T19:30:26","date_gmt":"2024-02-01T19:30:26","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=572703"},"modified":"2024-06-11T08:23:53","modified_gmt":"2024-06-11T08:23:53","slug":"bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts\/","title":{"rendered":"Bitcoin Set For ‘Dullest Rally’ With A Twist, Whale Forecasts"},"content":{"rendered":"

Bitcoin has been unable to retain its bullish momentum and seems likely to extend its current downside trend. However, the long run remains positive, and the next months could see BTC reach its all-time high, but in a different fashion than in previous rallies, according to a large investor. <\/strong><\/p>\n

Related Reading: Bitcoin Set For Weekend Rally Amid New Banking Crisis: Arthur Hayes<\/a><\/div>\n

As of this writing, Bitcoin trades at $42,000 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency still records a 5% profit.<\/p>\n

\"bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Whales Makes Bullish Forecast<\/h2>\n

According to a pseudonym Bitcoin Whale that goes by \u201cJoe007\u201d on social media X<\/a>, the cryptocurrency is poised for a bull run. The institutions trading the US spot Bitcoin Exchange Traded Fund (ETF) will drive this bullish momentum.<\/p>\n

In that sense, these institutions are likely to suck the volatility out of Bitcoin by pushing to trade similar to traditional assets. Thus, Joe007 claims that this cycle\u2019s rally will lack the excitement of 2017 and 2021 when BTC hit $20,000 and $69,000, respectively, creating euphoria amongst investors.<\/p>\n

The Bitcoin whale stated:<\/p>\n

I think we’re about to witness the most boring rally in Bitcoin history. No retail-driven parabolic swings that excite degens\/noobs and produce headlines. Rather a slow relentless drive higher by professional accumulators taking out layer after layer of paper handed holders.<\/p><\/blockquote>\n

The whale dismissed the possibility when asked if traditional institutions could fail in \u201ctaming\u201d BTC due to the \u201csystemic crises\u201d in the space. In addition, Joe007 dismissed the possibility of the cryptocurrency not running higher in the long run.<\/p>\n

The only thing that could stand between Bitcoin and a rally is a \u201clow probability\u201d scenario where the traditional finance sector experiences a similar crash to 2008. The BTC whale added:<\/p>\n

(\u2026) unless there is a sudden complete tradfi meltdown (2008-style or worse). Then I can see Bitcoin being dragged into a general panic-crash, at least initially. Certainly possible but hard to assign realistic probability.<\/p><\/blockquote>\n

BTC Price In The Short Term<\/h2>\n

On low timeframes, an analyst pointed<\/a> at the Daily On Balance Volume (OBV), which suggests further downside for BTC. The chart below shows that this metric broke out of a trending channel during Bitcoin\u2019s recent crash.<\/p>\n

\"bitcoin
BTC’s Daily OBV was rejected out of a critical level, which hints at a bearish re-test for the asset. Source: IncomeSharks on X<\/figcaption><\/figure>\n
Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event<\/a><\/div>\n

The OBV was rejected out of a critical level and seems poised to trend to the upside along with the price of BTC. The analyst stated:<\/p>\n

Daily OBV still looks like it wants more downside. Looks like this might have been a lower high that we just put in.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been unable to retain its bullish momentum and seems likely to extend its current downside trend. However, the long run remains positive, and the next months could see BTC reach its all-time high, but in a different fashion than in previous rallies, according to a large investor. Related Reading: Bitcoin Set For Weekend Rally Amid New Banking Crisis: Arthur Hayes As of this writing, Bitcoin trades at $42,000 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency still records a 5% profit. Bitcoin Whales Makes Bullish Forecast According to a pseudonym Bitcoin Whale that goes by \u201cJoe007\u201d on social media X, the cryptocurrency is poised for a bull run. The institutions trading the US spot Bitcoin Exchange Traded Fund (ETF) will drive this bullish momentum. In that sense, these institutions are likely to suck the volatility out of Bitcoin by pushing to trade similar to traditional assets. Thus, Joe007 claims that this cycle\u2019s rally will lack the excitement of 2017 and 2021 when BTC hit $20,000 and $69,000, respectively, creating euphoria amongst investors. The Bitcoin whale stated: I think we’re about to witness the most boring rally in Bitcoin history. No retail-driven parabolic swings that excite degens\/noobs and produce headlines. Rather a slow relentless drive higher by professional accumulators taking out layer after layer of paper handed holders. The whale dismissed the possibility when asked if traditional institutions could fail in \u201ctaming\u201d BTC due to the \u201csystemic crises\u201d in the space. In addition, Joe007 dismissed the possibility of the cryptocurrency not running higher in the long run. The only thing that could stand between Bitcoin and a rally is a \u201clow probability\u201d scenario where the traditional finance sector experiences a similar crash to 2008. The BTC whale added: (\u2026) unless there is a sudden complete tradfi meltdown (2008-style or worse). Then I can see Bitcoin being dragged into a general panic-crash, at least initially. Certainly possible but hard to assign realistic probability. BTC Price In The Short Term On low timeframes, an analyst pointed at the Daily On Balance Volume (OBV), which suggests further downside for BTC. The chart below shows that this metric broke out of a trending channel during Bitcoin\u2019s recent crash. Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event The OBV was rejected out of a critical level and seems poised to trend to the upside along with the price of BTC. The analyst stated: Daily OBV still looks like it wants more downside. Looks like this might have been a lower high that we just put in. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":572708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,14509,1119,1122,16168,78790],"class_list":["post-572703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-forecast","tag-btc","tag-btc-price","tag-btc-price-forecast","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Set For 'Dullest Rally' With A Twist, Whale Forecasts<\/title>\n<meta name=\"description\" content=\"Bitcoin has been unable to retain its bullish momentum and seems likely to extend its current downside trend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/www.ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Set For ‘Dullest Rally’ With A Twist, Whale Forecasts","url":"http:\/\/www.ktsl888.com\/news\/bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-bitcoin-whale.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-bitcoin-whale.png?fit=1024%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin price forecast","btc","btc price","btc price forecast","btcusdt"],"dateCreated":"2024-02-01T19:30:26Z","datePublished":"2024-02-01T19:30:26Z","dateModified":"2024-06-11T08:23:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Set For ‘Dullest Rally’ With A Twist, Whale Forecasts\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-set-for-dullest-rally-with-a-twist-whale-forecasts\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/bitcoin-price-btc-btcusdt-bitcoin-whale.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/bitcoin-price-btc-btcusdt-bitcoin-whale.png?fit=1024%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin price forecast\",\"btc\",\"btc price\",\"btc price forecast\",\"btcusdt\"],\"dateCreated\":\"2024-02-01T19:30:26Z\",\"datePublished\":\"2024-02-01T19:30:26Z\",\"dateModified\":\"2024-06-11T08:23:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-bitcoin-whale.png?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/572703"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=572703"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/572703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/572708"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=572703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=572703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=572703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}