Bitcoin Price Prediction: BTC Above $65K Amid $100M Andrew Tate Investment and Supply Lows

Forex
May 17, 2024
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Bitcoin Price Prediction

Bitcoin is trading just above $65,000, experiencing a 1.25% correction after a recent surge. This upward movement was driven by weaker US CPI data, dovish FOMC sentiment, and a break from a symmetrical triangle pattern.

Despite this slight bearish correction, the Bitcoin price prediction remains bullish, especially with Andrew Tate’s announcement to invest $100 million in Bitcoin and decreasing BTC supply on exchanges.

Bitcoin Supply on Exchanges Hits New Lows Amid Bullish Market

Bitcoin (BTC) supply on centralized exchanges (CEX) has dropped to new lows following strong market activity over the past 48 hours. According to on-chain analytics firm Glassnode, the Bitcoin supply on exchanges is now at 1,728,782 BTC, reflecting a significant decrease as bullish sentiment grows.

In the last 24 hours, 23,654 BTC exited exchanges, with weekly outflows reaching 19,859 BTC. Monthly flows were also down, with only 9,509 BTC moving. This reduction suggests increasing bullish pressure as traders move their assets off exchanges.

Key Points:

Binance saw 7,155 BTC outflows, while Coinbase Pro recorded 16,075 BTC outflows.
Mass migration from exchanges indicates long-term holding and bullish market sentiment.
Positive CPI data and new institutional spot ETF disclosures have fueled recent market activity.

This week, several traditional finance firms disclosed their exposure to spot Bitcoin ETFs, further driving prices up.

Andrew Tate Plans $100M Bitcoin Investment

Andrew Tate, a British-American social media personality and former professional kickboxer, has announced plans to invest heavily in bitcoin, expressing his dissatisfaction with traditional banks and their practices.

“I’m about to leave fiat completely,” Tate declared. “I’m done with banks and their scams.”

Tate shared his plans on the social media platform X, stating his intention to move away from fiat currency and invest $100 million in bitcoin.

I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into btc.

And I’ll even prove I did it.

I’m done with the banks.

I’m done with their money.

Done with the scams.

Then I’m going boating.

— Andrew Tate (@Cobratate) May 15, 2024

He emphasized his frustration with the banking system and expressed confidence in his decision, even planning to showcase his investment proof later.

Key Points:

Tate intends to move $100 million from fiat to bitcoin.
He criticized banks, calling their practices scams.
Despite some skepticism from X users, Tate is committed to his crypto investment.

Andrew Tate, known for his controversial online presence and previous career as a kickboxer, has been involved in cryptocurrency-related news before.

Romanian authorities seized significant assets from him, including Bitcoin. In a video by a criminal lawyer, Tate promoted Bitcoin for tax avoidance and hinted at launching his own cryptocurrency. He has also been a part of the meme stock movement, investing $6 million in Gamestop, despite his net worth being around $11 million.

Bitcoin Price Prediction

Looking at the technical side of the market, Bitcoin price prediction is showing signs of retracement, having dipped below the $66,600 level. It has already completed a 38.2% Fibonacci retracement around the $64,750 level, which is currently acting as major support for BTC and is also today’s pivot point. As long as Bitcoin holds above this level, the chances of a bullish bounce are high.

In this scenario, the immediate resistance is likely to be around the $66,600 level. If Bitcoin breaks above this level, the next resistance would be around $67,820, with $69,000 acting as a further hurdle.

Conversely, if the market continues to show a bearish correction, breaking below the $64,750 level could send BTC down to the $63,300 level.

Bitcoin Price Prediction – Source: Tradingview

Additionally, the 50-day Exponential Moving Average (EMA) on the four-hour time frame is likely to support BTC around the $63,150 level, increasing the chances of a bullish bounce from this level. However, increased selling pressure could drive a bearish crossover below the 50-day EMA, with $61,500 or $61,200 likely to act as further support levels.

Lastly, the Relative Strength Index (RSI) has already exited the overbought zone and is currently holding around 62, which is still in bullish territory.

Current Trend: We need to keep an eye on the $64,750 and $63,300 levels, as these are crucial for buyers. The chances of a buying trend above these levels remain strong.

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