Will Bitcoin price go up? After a dramatic crypto crash, will crypto recover enough to post a mega-Trump rally? Can altcoins recover?
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and altcoin holders have been pummeled for the rest of this week. Some are confident as the crypto market reels from what’s clearly a wave of unrelenting selling pressure from whales.
Technically, the uptrend set in Q4 2024 remains. If the world’s most valuable coin finds a solid base above $90,000, the total crypto market cap may recover, surpassing the $3.7 trillion level registered in late December 2024.
(Source)
Looking at altcoins, Ethereum, Solana, XRP, and others, including Cardano and Avalanche, are facing headwinds. Buyers must drive ETH above $4,000, XRP above $2.5, and SOL past $270 if interest is to be renewed.
Despite the current state of affairs, buyers have the upper hand, especially when previewed from a top-down perspective.
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When Will Crypto Prices Recover? Whales Are Selling – Will Bitcoin Price Go Up?
However, given the wave of lower lows and dumping, will the recovery be immediate? According to Lookonchain, whales are parting with their crypto assets, choosing cash as the trading environment changes.
Earlier today, a dormant Bitcoin wallet sent all coins to Coinbase Prime. For the last six years, the address had held onto his 500 BTC worth over $46 million. As prices dropped towards $90,000 yesterday, it looked like the whale chose to cash out when technical candlestick formation still favored bulls.
A wallet that had been dormant for 6 years deposited all 500 $BTC ($46.87M) into #CoinbasePrime 2 hours ago.
This wallet received 500 $BTC 6 years ago when the price of $BTC was $7K.https://t.co/D9IbccUqIA pic.twitter.com/jK1AkMrA2c
— Lookonchain (@lookonchain) January 10, 2025
On the same day, another whale unstaked over 245,000 SOL worth over $45 million and sent them to Binance. Usually, any transfer to a centralized exchange is interpreted as bearish.
On Binance, the whale likely sold, swapping for stablecoins or cash. The problem is that there is no way to determine whether the whale sold immediately or still holds SOL, waiting for an opportune time.
(Source)
Investors are not only dumping Bitcoin and Solana. Data shows that whales are also liquidating popular meme coins. One whale sold 85 billion PEPE on January 9 for $1.51 million USDC. The decision to exit at this price meant the whale posted a $1.74 million loss. Even with this dump, the whale still holds 180.8 billion PEPE worth over $3.2 million.
The market turbulence has also impacted institutions.
Fidelity, the asset manager, has sent ETH to Coinbase via Cumberland. As of January 10, Lookonchain data reveals that the firm has deposited over $213 million of ETH.
(Source)
Moreover, looking at Soso Value, all the nine spot Bitcoin ETFs in the United States recorded net outflows on January 9. Institutions redeemed over $582 million worth of BTC-backed shares, with over 1,300 BTC sold by iShares alone.
(Source)
Spot Ethereum ETFs weren’t spared either.
Over $159 million of ETH was redeemed on January 9.
(Source)
A large part of the outflow was from Grayscale’s Ethereum Mini Trust, which registered a net outflow of $8.2 million.
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Will Bitcoin Price Go Up? What’s Next For Bitcoin and Top Altcoins?
Historically, January has been challenging for crypto and the financial markets. Often, prices tend to rise sharply before correcting.
But in answer to ‘will Bitcoin prices go up?’ analysts are bullish, predicting crypto and Bitcoin prices to record a solid start to 2025.
Tailwinds will be from the generally solid market sentiment. Optimists place Bitcoin at $250,000 by 2025, citing increased institutional adoption, a favorable regulatory environment, and favorable macroeconomic conditions.
Prices will push higher if the Federal Reserve slashes rates in Q1 2025 and Donald Trump proceeds to execute his campaign promises.
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The post Is This the Crypto Storm Before Bitcoin and Solana Rip Higher? appeared first on 99Bitcoins.
