Upcoming Bitcoin Fork: What Awaits Investors?
Bitcoin Gains Strength Ahead of Upcoming Fork
Bitcoin’s price is experiencing some fluctuations just before the planned fork, but the latest data indicates an upward trend. According to information provided by the blockchain analytics firm Santiment, “whales” and “sharks” wallets have accumulated a significant amount of Bitcoin, which could have a positive impact on future cryptocurrency market capitalizations.
Accumulation of Bitcoin by “Whales” and “Sharks”
In recent days, a large increase in the accumulation of Bitcoin by holders of large wallets, known as “whales” and “sharks,” has been observed. According to Santiment data, they accumulated as much as 51,959 BTC in one day, equivalent to $3.4 billion. This impressive sum represents 0.263% of the total current supply available, which may indicate a growing interest in this cryptocurrency, especially in light of the upcoming fork.
Future Predictions
The approaching Bitcoin fork, scheduled for around April 19, is fueling speculations among investors. It is expected that “whales” and “sharks” wallets will continue accumulating, potentially leading to an increase in the value of Bitcoin and other cryptocurrencies in the market.
Technical Analysis
By examining previous data regarding price drops before Bitcoin forks, some analogies can be observed. Despite concerns about a larger correction, the recent drops have not been as drastic. Technical analysts point out that the current situation resembles the one before the 2020 fork, which may guide further investment decisions.
Market Pressure
The research firm Kaiko has highlighted increased Bitcoin selling after the closure of US markets, contributing to some fragmentation of liquidity in the cryptocurrency market. Nevertheless, the price of Bitcoin recently saw a 5.2% increase, reaching $71,000 during the last trading sessions.
In conclusion, the upcoming Bitcoin fork creates a lot of uncertainty, but accumulation by large wallets and minor price drops may suggest positive trends in the cryptocurrency market in the near future.
