{"id":643913,"date":"2024-09-23T09:30:06","date_gmt":"2024-09-23T09:30:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=643913"},"modified":"2024-09-23T09:20:17","modified_gmt":"2024-09-23T09:20:17","slug":"1-6-billion-bitcoin-buying-spree","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/1-6-billion-bitcoin-buying-spree\/","title":{"rendered":"Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?"},"content":{"rendered":"

The Fed rate cuts<\/span><\/a> have boosted the confidence of Bitcoin investors, with whales buying up to 1.6 billion BTC since the macro decision. With such a bullish outlook, there is the possibility that the flagship crypto can <\/span>soon reach $70,000<\/span><\/a>.\u00a0<\/span><\/p>\n

Fed Rate Cuts Prompt Buying Spree Among Bitcoin Whales<\/h2>\n

The Fed rate cuts have prompted a buying spree among <\/span>Bitcoin whales.<\/span><\/a> These investors bought over 1.6 billion worth of Bitcoin following the macro decision on September 18. Data from the market intelligence platform <\/span>IntoTheBlock<\/span><\/a> shows that these whales have bought 25,510 BTC since September 19.\u00a0<\/span><\/p>\n

Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone<\/a><\/div>\n
\"Bitcoin
Source: IntoTheBlock<\/figcaption><\/figure>\n

This <\/span>accumulation trend<\/span><\/a> is unsurprising, as the 50 bps interest cut has provided a bullish outlook for risk assets, including Bitcoin. The flagship crypto is expected to experience a significant price surge since more liquidity will flow into its ecosystem as investors can access more money following the Federal Reserve’s quantitative easing (QE).\u00a0<\/span><\/p>\n

With Bitcoin projected to enjoy massive moves to the upside, a rise to $70,000 soon enough is possible. The flagship crypto already <\/span>flipped the $60,000 price level<\/span><\/a> as support following the Fed rate cuts and is holding comfortably above that level. As expected, more liquidity is already flowing into the BTC ecosystem, as is evident from the $1.6 billion purchase by these whales.\u00a0<\/span><\/p>\n

Therefore, it shouldn\u2019t be long enough before the crypto reaches the $70,000 price level. Bitcoin reaching this level is significant as it could pave the way for BTC to hit a <\/span>new all-time high (ATH)<\/span><\/a>. The $70,000 price level has acted as strong resistance since the crypto dropped below this level after rising to its current ATH of $73,000 earlier in March.\u00a0<\/span><\/p>\n

However, Bitcoin could easily break above this resistance this time, considering it has more bullish momentum thanks to the Fed rate cuts.\u00a0<\/span><\/p>\n

History Could Repeat Itself<\/h2>\n

In addition to the Fed rate cuts, Bitcoin\u2019s historical trend provides a bullish outlook for the flagship crypto and suggests that a rise to $70,000 should happen soon enough. <\/span>Crypto analyst Ali Martinez<\/span><\/a> recently noted that Bitcoin enjoyed a 61% and 171% price increase in 2016 and 2020, respectively. These years were both <\/span>halving years<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction<\/a><\/div>\n
\"Bitcoin
Source: CryptoQuant<\/figcaption><\/figure>\n

The analyst further revealed that Bitcoin\u2019s price action this year mirrors 2016 and 2020. As such, history could repeat itself, and the flagship crypto could enjoy gains similar to those in previous years.\u00a0<\/span><\/p>\n

Moreover, <\/span>Q4 of each year<\/span><\/a> is historically when Bitcoin enjoys its most returns. Therefore, BTC should witness significant price gains heading into the last quarter of this year. Meanwhile, the post-halving rally is also around the corner, which could prompt this <\/span>price surge to $70,000<\/span><\/a>.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $63,900, up over 1% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price above $63,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Fed rate cuts have boosted the confidence of Bitcoin investors, with whales buying up to 1.6 billion BTC since the macro decision. With such a bullish outlook, there is the possibility that the flagship crypto can soon reach $70,000.\u00a0 Fed Rate Cuts Prompt Buying Spree Among Bitcoin Whales The Fed rate cuts have prompted a buying spree among Bitcoin whales. These investors bought over 1.6 billion worth of Bitcoin following the macro decision on September 18. Data from the market intelligence platform IntoTheBlock shows that these whales have bought 25,510 BTC since September 19.\u00a0 Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone This accumulation trend is unsurprising, as the 50 bps interest cut has provided a bullish outlook for risk assets, including Bitcoin. The flagship crypto is expected to experience a significant price surge since more liquidity will flow into its ecosystem as investors can access more money following the Federal Reserve’s quantitative easing (QE).\u00a0 With Bitcoin projected to enjoy massive moves to the upside, a rise to $70,000 soon enough is possible. The flagship crypto already flipped the $60,000 price level as support following the Fed rate cuts and is holding comfortably above that level. As expected, more liquidity is already flowing into the BTC ecosystem, as is evident from the $1.6 billion purchase by these whales.\u00a0 Therefore, it shouldn\u2019t be long enough before the crypto reaches the $70,000 price level. Bitcoin reaching this level is significant as it could pave the way for BTC to hit a new all-time high (ATH). The $70,000 price level has acted as strong resistance since the crypto dropped below this level after rising to its current ATH of $73,000 earlier in March.\u00a0 However, Bitcoin could easily break above this resistance this time, considering it has more bullish momentum thanks to the Fed rate cuts.\u00a0 History Could Repeat Itself In addition to the Fed rate cuts, Bitcoin\u2019s historical trend provides a bullish outlook for the flagship crypto and suggests that a rise to $70,000 should happen soon enough. Crypto analyst Ali Martinez recently noted that Bitcoin enjoyed a 61% and 171% price increase in 2016 and 2020, respectively. These years were both halving years.\u00a0 Related Reading: Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction The analyst further revealed that Bitcoin\u2019s price action this year mirrors 2016 and 2020. As such, history could repeat itself, and the flagship crypto could enjoy gains similar to those in previous years.\u00a0 Moreover, Q4 of each year is historically when Bitcoin enjoys its most returns. Therefore, BTC should witness significant price gains heading into the last quarter of this year. Meanwhile, the post-halving rally is also around the corner, which could prompt this price surge to $70,000.\u00a0 At the time of writing, Bitcoin is trading at around $63,900, up over 1% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":643936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-643913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nFed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?<\/title>\n<meta name=\"description\" content=\"The Fed rate cuts have boosted the confidence of Bitcoin investors, with whales buying up to 1.6 billion BTC since the macro decision.\" \/>\n<meta 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?","url":"http:\/\/uniquehot.com\/news\/bitcoin\/1-6-billion-bitcoin-buying-spree\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/1-6-billion-bitcoin-buying-spree\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin-whales.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin-whales.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-23T09:30:06Z","datePublished":"2024-09-23T09:30:06Z","dateModified":"2024-09-23T09:30:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Fed Rate Cuts Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/1-6-billion-bitcoin-buying-spree\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/1-6-billion-bitcoin-buying-spree\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-whales.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-whales.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-23T09:30:06Z\",\"datePublished\":\"2024-09-23T09:30:06Z\",\"dateModified\":\"2024-09-23T09:30:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin-whales.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/643913"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=643913"}],"version-history":[{"count":1,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/643913\/revisions"}],"predecessor-version":[{"id":643938,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/643913\/revisions\/643938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/643936"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=643913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=643913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=643913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}