Bitcoin could reach $67K driven by liquidity levels and the whales’ shift.
- The highest liquidation level for Bitcoin was at $67K. There was a generational shift among these large investors of Bitcoin.
The cryptocurrency market is always curious about key levels for Bitcoin [BTC], especially during periods of high volatility.
Currently, there is anticipation that Bitcoin could see significant movement due to large liquidation levels, which may pressure traders into decisive actions.
Over the last week, BTC has seen a notable concentration of long positions on major exchanges, forming large liquidation pools.
The most significant Bitcoin levels sits at $60K, but when extending analysis to two weeks, $67K zone emerged the highest liquidation level.
Source: Alpharactal
This indicates that Bitcoin could potentially move toward this zone, as price tends to gravitate toward high liquidity areas over time.
Bitcoin has also shown resilience when examining technical indicators. The cryptocurrency has managed to maintain its position above the bull market support band for another week.
It hasn’t achieved three consecutive weekly closes above this level since May, but there is hope that bulls could push the price higher from here. This is especially important given the recent consolidation in the market.
Source: TradingView
Bitcoin is also relative strength when compared to stocks, making the $67K target appear increasingly attainable.
BTC whales and active addresses
Another factor to consider is the shifting landscape of Bitcoin whales. There is currently a generational shift among these large investors.
New whales have invested $108 billion into Bitcoin, while older whales hold $113 billion since its inception.
The ratio between these groups is narrowing, with new whales slowly gaining influence.
This shift suggests that new money is entering the market, which could push the price of BTC higher over time, though the market remains unpredictable.
Source: CryptoQuant
On the on-chain metrics side, Bitcoin’s active address count has recently seen a resurgence after an 11-month downtrend.
Although this metric’s predictive power has declined over the past four years, it remains a significant indicator of network activity.
The reduced correlation between active addresses and price is likely due to several factors.
This includes the rise of ETF flows as a key price driver, increased payment activity on L2s like the Lightning Network, and changes in on-chain behavior caused by innovations like Ordinals and NFTs.
Source: Jamie Coutts, CMT
While there is optimism that Bitcoin could surpass its all-time high during this cycle, a corresponding increase in base chain active addresses would help confirm the network’s growing value.
As Bitcoin operates as a global monetary network, it’s demonstrating organic network growth across all metrics. With the right conditions, BTC could soon be on its way to testing the $67K level.
Take a Survey: Chance to Win $500 USDT
Next: Turbo crypto gains 49% in 3 days – Minor dip next?
Source