Bitcoin Surges To New 26-Month High, ‘Whales Go Parabolic’ As Analyst Forecasts Rally Toward $60,500

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,394,254,728	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,394,254,728

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0011	0.82%	0.13531	0.13527	0.1353

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0011

0.82%

0.13531

0.13527

0.1353

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13591	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13591

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:32:51	0.800000	0.13531	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:32:51

0.800000

0.13531

USD

Price x Volume	Volume	Base Symbol	Related Pairs
9,356,326.74	69,750,555.81	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

9,356,326.74

69,750,555.81

Bitcoin Surges To New 26-Month High, ‘Whales Go Parabolic’ As Analyst Forecasts Rally Toward $60,500

27/02/2024 5:00am

NEWSBTC

Bitcoin (BTC), the leading cryptocurrency, has experienced a surge of over 3.6% in the past 24 hours and an impressive 27% in the last month. These gains have propelled the Bitcoin price to reach a new 26-month high of $53,360 on Monday, signaling investors renewed optimism. BTC Whales Make Waves Adding to the bullish sentiment surrounding Bitcoin, crypto analyst Ali Martinez highlights the significant activity of the BTC whales, stating that “whales are going parabolic.” Notably, In the past month alone, more than 150 new BTC addresses have appeared, each with more than 1,000 BTC. This surge in whale activity indicates a heightened confidence in Bitcoin’s long-term prospects and offers a positive outlook for its future price movements. Related Reading: Dogecoin Price Echoes Past Bull Run: Will It Rise Above $1 Soon? Martinez emphasizes a “megaphone pattern” observed on Bitcoin’s daily chart. According to the analyst, this pattern suggests that if BTC maintains its position above the $50,000 level, a sustained close above $53,000 could catalyze a substantial rally toward the $60,520 mark. Bitcoin Rally Led By Leveraged Long Positions? As detailed in a recent Bloomberg report, BTC’s rise has been driven in part by a surge in spot demand and momentum traders capitalizing on a breakout after a period of consolidation, according to Chris Newhouse, a decentralized finance (DeFi) analyst at Cumberland Labs. Newhouse highlights that the current price action has seen a relatively balanced level of liquidations, indicating that excessive short liquidations do not drive the recent rally. Instead, leveraged long positions have quickly replaced the liquidated shorts, suggesting a shift in sentiment toward bullishness. Moreover, the report highlights that open interest for perpetual Bitcoin futures has experienced a noticeable increase, indicating growing market participation and interest in BTC derivatives. Simultaneously, Newhouse explains that short positions have been forced to close amid the latest rally, potentially a result of fresh long positions entering the market. Nevertheless, the cryptocurrency’s ability to sustain its upward momentum and navigate key resistance levels will be crucial in determining its next growth phase. Related Reading: VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600% In a further boost to Bitcoin’s optimism, MicroStrategy, the enterprise software firm known for its strategic Bitcoin purchases, announced that it has acquired an additional 3,000 cryptocurrency tokens this month for approximately $155.4 million. With a total Bitcoin holding of about $10 billion, MicroStrategy continues to demonstrate its confidence in its long-term value and potential. Featured image from Shutterstock, chart from TradingView.com

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DOGEUSD Dogecoin