The post Bitcoin Price Prediction for Today: Will BTC Price Reach $84,800? appeared first on Coinpedia Fintech News
The Bitcoin price and the entire market were expected to be highly volatile during the last trading day. It was not because of the option’s expiry but because the traders were uncertain of its adverse impact that made them prepare for bullish and bearish scenarios. However, BTC prices failed to reach either of the marked levels and remained constrained within a narrow range. Although this offers short-term relief from the volatility, from a wider perspective, such sluggish Bitcoin behaviour could be worrisome!
After facing rejection from $86,800, the traders appear to have become pessimistic, which mirrors the volume that has slashed below $20 billion. Whenever the volume plunges to such lows, the prices usually remain lethargic by maintaining a range-bound consolidation. Now the question arises: will the Bitcoin price go up or crash in 2025?
Before analyzing the price movements, let’s have a look at the factors impacting the upcoming BTC price action in 2025.
Whale Accumulation at its Peak
The recent price action of Bitcoin suggests a notable drop in the on-chain readings and also future data as well. Meanwhile, the whale accumulation remains at its peak, which suggests a substantial rise in the institutional investors.
The data from the Glassnode suggests the BTC wallets holding over 1000 BTC have increased from 2040 to 2079 and are currently stabilized to 2077. Monitoring whale activity is extremely crucial, as they can influence the BTC price. The growing number of whales displays the growing confidence among the investors.
New Investors Are On the Rise
Apart from whales, first-time investors or new investors are also on the rise. The February 23 plunge that dragged the levels from $96,500 to $82,300 attracted huge investors to the platform. The investors appear to have utilized the buy-the-dip opportunity as it happened during the FTX collapse.
The above data from Cryptoquant suggests that these new investors have accumulated nearly 172,705 BTC since then. This can be considered one of the bullish signals, as it also denotes a rise in the investor’s confidence in the token.
These on-chain readings hint towards a significant rise in the confidence of whales and new investors, which is important to maintain the volatility within the markets. Besides, huge transfers of close to 3000 BTC between unknown wallets may also shake up the volatility in the coming weekend, compelling the traders to believe a huge whale movement is underway. Therefore, the upcoming weekend could be pretty important for the Bitcoin price, as a rise above the pivotal range at $84,800 may help to close the quarterly close on a bullish note above $85,000.