In recent Bitcoin news, analysts believe the coin could soon make its way back above $100,000 as whales take advantage of the latest downside.
In addition, THE M2 global money supply has been rising, which indicates growing liquidity in the market.
The latest Bitcoin sideways price action in February reflects uncertainty about price direction, despite hopes of recovery back above $100,000.
However, those hopes may not be lost according to recent market observations.
Bitcoin large holder flows saw an uptick in the second half of this week, which revealed that whales are buying the dip.
Large holder inflows surged from as low as 100.77 BTC in mid-February to 7,460 BTC by 20 February.
BTC large holder outflows also registered a mid-month uptick but outflows pulled back to 920,64 BTC as of 20 February.
The gap between whale inflows and outflows into BTC revealed that whales were accumulating aggressively.
Does Rising M2 Money Supply Signal More Incoming Liquidity?
Concerns about lower liquidity are among the reasons why the crypto market has been subdued lately.
Investors have been on the edge ever since the FED announced a pause on rate cuts due to pesky inflation.
Nevertheless, the M2 money supply indicator continues to push higher.
X-based analyst Vivek noted that Bitcoin could soon follow in the M2 money supply’s footsteps.
More liquidity in the market means a sizable percentage could go into crypto, once it gets over its current cool down phase.
The rising money supply may thus provide Bitcoin with a confidence boost especially if rate cuts resume.
Bitcoin just concluded another week characterized by a lack of excitement in price action and exchange flows dipping to multi year lows.
ETFs also maintained negative flows, confirming a slowdown across the board.
Whales buying in such conditions offers hopes for the return of Bitcoin price excitement.
Bitcoin News: VanEck’s bold new prediction
There have been many Bitcoin predictions over the last 12 months, with most of them being bullish.
Global investment management company VanEck just tossed in its prediction and it is one of the most bullish so far.
Recent Bitcoin news reports revealed that VanEck has predicted a $21 million Bitoin price tag.
However, this prediction is based on the condition that the U.S adopts BTC as a strategic reserve asset.
Although an ambitious target, it may lean more towards the realm of impossibility given the massive level of liquidity required to achieve that price tag.
Meanwhile, the number of U.S states planning to deploy a Bitcoin strategic reserve has been rising rapidly.
Multiple counties outside America have also demonstrated interest in walking a similar path.
Investors are eagerly waiting to see if the current administration will push through with the plan to elevate BTC into a strategic reserve asset.
An announcement on such would be a major bullish event for the cryptocurrency.
The post Bitcoin News: Whales On The Move, Global Money Supply Rallies To New Highs appeared first on The Coin Republic.
The Coin Republic – Read More