[GAM] Bitcoin surpassed $40,000’Is it a signal to resume the rally?’…Because of Musk’s CEO tweet?

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[서울=뉴스핌] Reporter Ko In-won = On the 6th (local time), the price of Bitcoin (BTC) broke through the 40,000 dollar resistance period, showing signs of an increase. With on-chain data suggesting a rally resumption and a friendly market atmosphere, cautious speculation is flowing about whether Bitcoin has started a rally to a new height.

Cointelegraph, a media specialized in cryptocurrency, predicted that as the bitcoin price surpassed 40,000 dollars on this day, 38,000 dollars and 40,000 dollars will act as resistance lines in the short term. Bitcoin has been consuming momentum by fluctuating around $38,000 for nearly three weeks. As the bitcoin price finally exceeded $38,000 on that day, the possibility of acting as a new support line also increased.

▲On-chain data suggests rally resumption: whale addresses increase

One of the backgrounds behind this bitcoin rally is on-chain data showing the increase in the number of addresses of whales with 1,000 BTC or more.

Analysts at the cryptocurrency analysis firm Santiment said, “While whales continue to accumulate bitcoin, middle-level holders such as crabs and fish holding 1 to 1,000 BTC continue to realize profits, and the price has recently reached $38,000. “I’ve been staying here.”

The increase in whale addresses also coincides with massive bitcoin withdrawals from Coinbase, the largest cryptocurrency exchange in the United States. The withdrawal of bitcoin, which is estimated for the purpose of large-scale over-the-counter (OTC) transactions, is a signal of a short-term price increase, but in the long term, it is also a sign of a shortage of bitcoins in the exchange.

▲ Will the’Bit Season’ come again after’Alt Season’?

Guy Hershey, managing director of cryptocurrency payment and trading platform eToro, told Cointelegraph in an interview with Cointelegraph, “When bitcoin stays in the box, the market is a cryptocurrency other than bitcoin and ethereum, so-called’altcoins’. “It has shown a risk-on mode where prices are soaring.” However, Director Hershey predicted that if the rally resumed with Bitcoin surpassing $40,000, investors would return to the bit with the profits from Alt.

In addition, he added that open interest is concentrated at $52,000 and $56,000 in the bitcoin futures options market, and that the positioning of the options market provides insights into the price prospects of professional traders.

He added, “In the short term, bitcoin is neutral, but as shown in the recent earnings report of Paytal, the long-term commitment is optimistic.”

PayPal announced its fourth quarter 2020 results on the 3rd (local time). In a performance report that first came out after PayPal launched cryptocurrency payment and transaction services, Schulman PayPal’s CEO drew attention, saying, “The volume of cryptocurrency transactions exceeded expectations.”

Dennis Binokurov, head of research at Cryptocurrency brokerage service Beequant Crypto, said that if the bitcoin price exceeds $40,000, the next peak will be difficult for anyone to predict. “The flow is unpredictable by anyone.”

“It was a sound adjustment,” said Joel Kruger, a strategist at the cryptocurrency exchange Elmax Digital, saying, “The price adjustments that have appeared in the last few weeks are following a strong bull market.”

However, Kruger’s strategist was cautious about whether bitcoin’s rise will continue after surpassing $40,000. “The weekly and monthly technical analysis indicates that Bitcoin is still in the overbought zone,” he warned against optimism over excessive price increases.

▲ Because of Tesla CEO Elon Musk tweets?

Meanwhile, CEO Elon Musk Tesla, who was pointed out as one of the other factors that led to the price rebound of bitcoin, which was continuing a sluggish trend in the box zone, posted a survey on his Twitter account,’What is the future global currency?’ . You can choose between’Dojicoin Moon Nara’ and’Combination of all other cryptocurrencies’.

[사진= 머스크 테슬라 CEO 트위터 갈무리]

On the 4th, CEO Musk posted a photo of the rocket soaring to the moon on his Twitter and tweeted’Doji’. After the tweet like this, when Dojikoin soared, he uploaded a photo of his face synthesized in a scene of the animated Lion King and left a mention of’you are welcome’. He added that’Doji Coin is a cryptocurrency for everyone’. In a tweet like this, the price of Dogecoin soared more than 50%.

[사진= 머스크 테슬라 CEO 트위터 갈무리]

Dogecoin surged more than 800% on the 28th of last month in the aftermath of’Game Stop’. When the American investor community’Wall Street Betz’, who led the game stop phenomenon, paid attention to Dogecoin, CEO Musk cheered up by posting a picture of’Dogue’ parodying the fashion magazine Vogue on Twitter.

On the 29th, CEO Musk also added the hashtag’bitcoin’ to his Twitter account profile.This profile was uploaded and the price of bitcoin rose by 16%, making it highly influential in the cryptocurrency market. It also proved.

As of 10:48 pm Korea time, the bitcoin price is trading at $40,232, up 6.13%.

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