Bitcoin Price Prediction as On-Chain Metrics Reveal Whales are Holding Despite Recent Surge

cryptonews.com:

As Bitcoin hovers around $69,400, up nearly 1.50% on Sunday, its journey beckons keen market watchers for a Bitcoin price prediction. This recent surge, hinting at potential market shifts, sets the stage for an examination of Bitcoin’s trajectory amidst the broader financial landscape.

March 9 marked a significant milestone for decentralized finance (DeFi) with its total value locked (TVL) reaching $100.1 billion, fueled by a wave of positive sentiment following Bitcoin’s rise.

Lido leads with $38.7 billion in TVL, while the market’s confidence was further lifted by the introduction of Bitcoin ETFs, attracting $28 billion.

Rumors of Bitcoin scarcity on OTC platforms caused trading disruptions on exchanges like Binance and Coinbase due to a surge in volume.

Memecoins such as Korra, Ribbit, and PUG AI also experienced price hikes alongside Bitcoin. Pepe and Shiba Inu stand out in the memecoin market, achieving a collective valuation of $61 billion.

This breakthrough in DeFi’s TVL, combined with Bitcoin’s performance, may bolster investor trust in cryptocurrencies and potentially elevate Bitcoin’s value.

Billionaire hedge fund manager Bill Ackman recently sparked conversations within the Bitcoin community with his humorous take on the potential economic consequences of rising Bitcoin prices.

Ackman’s playful scenario suggested that an increase in Bitcoin values could lead to more mining activity, consequently elevating energy costs, inflation, and further demand for the cryptocurrency, ultimately joking about Bitcoin “going to infinity” and potentially destabilizing the economy.

Despite his jest, Ackman, CEO of Pershing Square Capital Management and a casual cryptocurrency experimenter, remains largely detached from the market.

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