Bitcoin has been on the rise lately, crossing the $30K mark for the first time since June 2022. As a result, many retail investors are showing interest in investing in Bitcoin for long-term capital gain. However, market experts have revealed the cause of this price surge, which may have implications for Bitcoin investors.
Eleven transactions were made with an identical size of 2000 BTC, with eight of them transacted at 17:28 UTC and the other three at 18:25. While it is difficult to speculate whether these transactions are coincidental, it is not a common whale scenario. These 11 massive whale transactions are more significant than BTC crossing the $30K mark because they can attract retail investors who may not know the short-term momentum of this decentralized digital asset.
The market intelligence platform Santiment has also raised concerns about this Bitcoin price surge. Later, another market expert team, Lookonchain, also tweeted about the recent BTC whale transaction. $60M worth of Bitcoins (almost 2000 BTC) have been transferred again to Binance after 15th March. So, Bitcoin whales are likely to make the most out of the current scenario.
While the short-term scenario of Bitcoin is unpredictable, the candlesticks are forming in the upper Bollinger Bands, suggesting strong bullish momentum, and the sentiments are also bullish. Additionally, the US Fed may hike another rate of 25 basis points, which could surge the price of Bitcoin. Moreover, RSI is in the overbought zone of 70, which encourages retail investors to buy BTC out of FOMO.
Based on the BTC price prediction, Bitcoin will be around $30K at the end of 2023. The price will surge exponentially in the next two years, and the price of Bitcoin will cross $100K in 2030. It is a good time to invest in Bitcoin for the long term, but investors should be aware of the short-term scenarios and invest wisely. If you invest in BTC this month and the price goes down, do not worry. Buy on every dip and invest an amount that you can hold for the long term.
