Bitcoin has surged to $38,300, marking its highest value since May 5, 2022. This resurgence has captured the crypto community’s attention, sparking speculation about the potential for further gains in the near future. One notable factor contributing to this upward trend is the substantial increase in Tether (USDT) holdings among the top 100 largest addresses.
Over the past six months, these significant players have collectively added a staggering $1.67 billion to their USDT portfolios. This influx of capital has added fuel to the Bitcoin rally, as Tether remains a popular stablecoin used by traders to navigate the volatile cryptocurrency market.
Sentiment, a leading provider of cryptocurrency market insights, suggests that the continued accumulation of USDT by major players may pave the way for Bitcoin to surpass the $40,000 mark. If the trend of whale USDT buying power persists, the likelihood of Bitcoin reaching and exceeding $40,000 is quite plausible.
The correlation between Tether activity and Bitcoin performance is not a novel concept, as the stablecoin often serves as a gateway for traders to enter or exit positions in the crypto market. The influx of Tether into the crypto space is interpreted by some as a signal of increased investor confidence and a willingness to participate in the ongoing bull market.
While the cryptocurrency market is inherently unpredictable and subject to rapid fluctuations, the current indicators point towards a positive trajectory for Bitcoin. The psychological threshold of $40,000 is now within reach, and investors are eagerly awaiting further developments to see if this milestone can be surpassed in the coming days or weeks.
Bitcoin Price Analysis
According to the data from CoinMarketcap, BTC is currently trading at $37,751.90 with a 24-hour trading volume of $21 billion, up by 50%. At the same time, the BTC price is up 0.31% in the last 24 hours and 3.52% in the seven-day chart.
Meanwhile, technical analysis indicates a bullish market sentiment of 94% for BTC, as suggested by various technical indicators. The Fear & Greed Index assigns a score of 66, classifying the current sentiment as “Greed.” Notably, over the last 30 days, Bitcoin has experienced 16 out of 30 (53%) green days, showcasing a 3.22% price volatility during this period.
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