Bitcoin has crossed $30K for the first time after June 2022. Many retail investors are interested in investing in Bitcoin for long-term capital gain. However, market experts have revealed the cause of the price surge, especially in BTC.
11 transactions were made with an identical size of 2000 BTC. Eight of them were transacted at 17:28 UTC. The other 3 occurred at 18:25. Though it is tough to speculate whether these transactions are coincidental, it is not a common whale scenario.
Indeed, these 11 massive whale transactions are more significant than BTC crossing the level of $30k because it attracts many retail investors, and they do not know the short-term momentum of this decentralized digital asset.
The market intelligence platform Santiment also raised concerns about this Bitcoin price surge. They twitted:
— Santiment (@santimentfeed) April 11, 2023
Later, another market expert team, Lookonchain, also twitted about the recent BTC whale transaction. $60M worth of Bitcoins (Almost 2000 BTC) have been transferred again to Binance after 15th March. So, Bitcoin whales are likely to make the most out of the current scenarios.
— Lookonchain (@lookonchain) April 11, 2023
Is it the right time to buy Bitcoin?
In the short term, BTC candlesticks are forming in the upper Bollinger Bands that suggest strong bullish momentum, and the sentiments are also bullish. US Fed may hike another rate of 25 basis points, which could surge the price of Bitcoin. Moreover, RSI is in the over brought zone of 70, which encourages retail investors to buy BTC out of FOMO.
Based on our BTC price prediction, Bitcoin will be around $30K at the end of 2023. The price will surge exponentially in the next two years. The price of Bitcoin will cross $100K in 2030. Indeed, it is a good time to invest in Bitcoin for the long term. However, the short-term scenario will depend on various microeconomic factors. If you invest in BTC this month and the price goes down, do not worry. Buy on every dip and invest that amount that you can hold for the long term.