Bitcoin’s momentum continued over the weekend, and the asset managed to close above $48,000, which actually became its highest weekly closing point since December 2021.
Given the upcoming halving, which is just a couple of months away and typically serves as a catalyst for further price growth, the community speculates if BTC will not retrace anymore ahead of the event.
BTC’s Highest Closing Price in 2 Years
Bitcoin endured a massive crash in mid-January after the US Securities and Exchange Commission greenlighted 11 spot ETFs. In what turned out to be a classic sell-the-news event, the cryptocurrency pumped to over $49,000 on the day the products went live for trading and slumped by more than ten grand in the next two weeks.
After bottoming out at $38,500, the bulls started to propel the asset upward again. This resulted in two consecutive weeks of gains. The most impressive was last week, which closed on Sunday evening.
At this point, BTC had erased approximately all losses induced by the ETFs’ launch and closed at just over $48,300 (on Bitstamp). This is the asset’s highest weekly closing price since the end of the 2021 bull market in December.
This comes amid reports and speculations among the crypto community that the asset’s price could go to new heights in the following weeks and months due to potential inflows of up to $130 billion this year alone.
CryptoQuant’s CEO shared a similar prediction yesterday, setting a best-case price forecast for Bitcoin in 2024 at $112,000, depending on the total amount of inflows toward the spot ETFs in the States.
Never Again Below $40K?
The potential inflows into the spot Bitcoin ETFs are just a part of the bullish sentiment for 2024. The other notable event that is scheduled to take place in about two months is the fourth BTC halving. Designed to slash the production of new BTC in half, the halving takes place approximately every four years.
In theory, Bitcoin’s price should increase if the demand for the asset remains the same or increases since the amount of newly produced BTC declines by half. History shows that the cryptocurrency has indeed soared in the months after each of the previous three halvings.
While that’s no indication of future price performances, it sets the mood for the upcoming halving and leads analysts, like PlanB and Lark Davis, to speculate that there might not be another retracement ahead of the event.
PlanB went further, suggesting that BTC’s price might not go below $40,000 again, given that it currently trades above its overall, 2-year, and 5-month realized prices.
Spot Bitcoin ETFs Take Center Stage in South Korean Election Campaign: Report
With spot Bitcoin ETFs being all the rage, South Korea’s opposing party has a new trick in hand to garner support from the masses ahead of the general election on April 10.
According to reports from local news media on Tuesday, the Democratic Party of South Korea is advocating for allowing local citizens to invest in spot Bitcoin ETFs and for financial institutions to launch such investment vehicles.
South Korea’s Opposition Champions Spot Bitcoin ETFs
The party aims to legalize investors to purchase spot Bitcoin ETFs using their individual savings accounts (ISAs), which are comprehensive accounts for various investments in funds or equity-linked securities, offering tax exemptions for financial profits of up to two million Korean won (worth nearly $1,497).
The latest development comes just a day after the People Power Party, which currently holds power in South Korea, was reported to be exploring options to allow spot Bitcoin ETFs as part of its campaign pledges for the upcoming general election in April, deviating from its previously hostile stance.
As per a report from local media earlier this week, the right-wing part is also planning to examine legislative actions to authorize other digital asset investment products that have received approval in the United States.
In addition to a number of changes, such as lifting bans on IEOs, the ruling party is also looking to roll out a “Digital Asset Promotion Committee,” with the necessary authority to propose laws and enforce sanctions related to the industry.
The People Power Party is also pushing for an additional two-year delay in taxing gains from crypto investments.
Originally slated for 2023 and later postponed to January 2025, the current request from the People Power Party aims to extend the postponement to 2027.
Increased Malicious Transactions
South Korea has witnessed increased crypto trading activity, which, in turn, has triggered the growth of suspicious transactions. The authorities witnessed nearly 49% more alerts of potentially potentially fraudulent transactions from crypto service providers in 2023 compared to the previous year.
Financial Intelligence Unit’s (FIU) paper disclosed that the country clocked over 16,000 instances of reported crypto transactions suspected of links to activities like money laundering, market manipulation, or illicit drug trading in 2023.
$1 Billion in Bitcoin Withdrawn From Coinbase, Bullish for BTC Price?
Hovering a little below $52,000, Bitcoin is still down by approximately 25% since its all-time high of the previous bull run. The leading crypto asset, however, is seeing a tremendously improved sentiment among investors.
In fact, Bitcoin holdings on Coinbase, which is a leading crypto exchange in the space and the largest in the US, have fallen to their lowest level since 2017. And whales are betting big on the asset.
Whales Make Big Bets
As per CryptoQuant analyst’s latest data, more than 18,000 BTC, valued at around $1 billion, were identified to have been removed from the platform by whales.
After the withdrawal of such a significant stash of Bitcoin from Coinbase, the funds were distributed across several new wallets, with values ranging between $45 million and $171 million.
Subsequently, Coinbase’s public order book now holds around 394,000 BTC, equivalent to a little over $20.5 billion. CryptoQuant founder Ki Young Ju further revealed that the funds were moved to multiple non-exchange addresses, likely custodial wallets.
— Ki Young Ju (@ki_young_ju) February 20, 2024
Accumulation Game Strong
The demand for Bitcoin is evident as whales have engaged in the highest level of activity not seen in nearly two years. In 2024, large holders with 1,000 to 10,000 BTC in their wallets accumulated approximately $13 billion worth of the asset. Meanwhile, those with holdings ranging from 100 to 1,000 BTC shed their holdings by $7.89 billion.
(Cont) 👇 pic.twitter.com/BL7Mrj6kLq
— Santiment (@santimentfeed) February 16, 2024
Such a trend of whales moving their stash away from centralized crypto exchange is usually a positive sign. Last week, Bitcoin whale wallets acquired over 100,000 BTC, estimated to be approximately $5 billion, in a span of just ten days alone. Historically, such accumulation points signal price appreciation.
The latest whale movements come amid a market-wide rally spurred by the introduction of spot Bitcoin ETFs.
Following their successful launch and the subsequent massive inflow, all eyes are on the Bitcoin halving, which is likely to occur in April this year. Hence, the transfer to custodial wallets may indicate the increased confidence of a price surge ahead of the fact.
ChatGPT Speculates Whether XRP or Bitcoin Minetrix Will Hit $1 in 2024
The recent growth of artificial intelligence (AI) technology has led crypto investors worldwide to turn to tools like ChatGPT for insights.
Given how unpredictable the crypto market is, AI-powered predictions have become increasingly sought-after.
With that in mind, this article explores ChatGPT’s price predictions for XRP (XRP) and Bitcoin Minetrix (BTCMTX) – determining which one could surge to the $1 mark by the end of 2024.
XRP Has Bumpy Start to 2024 as Legal Issues Loom Large
Despite ongoing legal challenges from 2023, XRP is having a mixed start to 2024.
From January 11 to January 31, XRP’s price dropped 22%, taking it down to the $0.485 level.
This marked XRP’s lowest value since mid-October.
However, after this dip, XRP has steadily climbed in the following weeks.
The token currently trades at $0.573, representing an 18% increase from January’s low.
According to CoinMarketCap data, spot trading volumes are also surging daily, reaching $1.4 billion yesterday.
XRP is now the 7th most-traded cryptocurrency in the world, ahead of trending projects Filecoin (FIL) and Worldcoin (WLD).
Looking ahead, another trial between Ripple and the SEC is set to begin on April 23.
This trial will likely have a significant impact on XRP’s price action.
While legal experts remain divided on a potential outcome, XRP investors hope a resolution is reached quickly to avoid even more drawn-out legal proceedings.
ChatGPT Weighs In on XRP’s Price Prospects for Year Ahead
With these factors weighing on XRP’s prospects, what does ChatGPT predict for its 2024 price trajectory?
The AI model, analyzing current price data, the ongoing legal situation, and XRP’s historical trends, has offered a tentative outlook for the year ahead.
ChatGPT emphasized that the volatile nature of the crypto market and the looming SEC trial means investors should take a cautious approach to XRP.
However, ChatGPT did acknowledge XRP’s potential to reclaim the $1 mark this year with a favorable trial resolution – possibly even reaching $1.20.
Moreover, if crypto market conditions remain bullish, the chances of XRP hitting the upper end of this range are increased even more.
The key takeaway is that ChatGPT believes the chances of returning to $1 hinge primarily on the outcome of Ripple’s battle with the SEC.
Given that this battle may not be resolved until mid-2024 at the earliest, XRP’s price trajectory over the coming months remains unclear.
ChatGPT Speculates BTCMTX Price Could Soar 635% Due To Stake-to-Mine Innovation
While XRP’s fate hangs on legal outcomes, another crypto could exhibit clearer price prospects – Bitcoin Minetrix.
This Ethereum-based platform proposes a revolutionary approach to Bitcoin mining called Stake-to-Mine.
The Stake-to-Mine setup aims to simplify and democratize access to crypto mining by allowing BTCMTX holders to stake their tokens for cloud mining credits.
These credits can then be instantly burned for cloud mining power.
As a result, traditional mining barriers like cost, complexity, and security concerns are no longer an issue.
Moreover, Bitcoin Minetrix also features a high-yield staking protocol for BTCMTX, meaning there are two ways to earn with the platform.
Armed with this information, ChatGPT offered some interesting insights into BTCMTX’s potential in 2024.
The AI model predicted that BTCMTX could rise as high as $0.10 by the end of the year – which would represent a whopping 635% increase from the current presale price of $0.0136.
However, ChatGPT made sure to highlight that any price increases would require a successful exchange launch, positive market dynamics, and continued community momentum.
One of these elements can be ticked off since Bitcoin Minetrix’s Telegram community already has over 14,300 members.
So, although ChatGPT doesn’t think BTCMTX can hit $1 this year, it does believe the token has far higher growth prospects than the long-established XRP token.
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