Bitcoin Price Prediction as Daily Trading Volume Surges to Over $10 Billion – Are Whales Buying Again?

As Bitcoin continues its shaky dance on the charts, there are subtle hints of a resurgence. The leading cryptocurrency is currently trading at $26,244, up nearly 1.25% on Thursday.

This increase comes against a fascinating background: economist Peter Schiff loudly warns of a “massive crisis” and a rapid move away from the US dollar.

Adding to the momentum, Coinbase CEO Brian Armstrong confirmed the platform’s integration with the Bitcoin Lightning Network.

Meanwhile, in a major court ruling, a Delaware judge has allowed FTX to sell up to $100 million worth of coins weekly.

With daily trading volume now crossing the $10 billion threshold, the question arises: are whales re-entering the Bitcoin market?

The renowned economist Peter Schiff warns of a “massive crisis” and urges a rapid move away from the US dollar

The well-known economist Peter Schiff has urgently warned of an impending mass withdrawal from the US dollar and predicted a severe economic crisis.

Schiff, a proponent of gold as a store of value, stressed the inevitability of this crisis due to the ever-growing US budget deficits, which he believes will become unsustainable, particularly in future recessions.

Because the national debt is nearly $33 trillion and interest payments on that debt are one of the largest government expenses, Schiff believes there will be a crisis before these payments become the sole government expense.

Schiff mentioned the growing trend of nations, including BRICS members, to reduce their dependence on the US dollar in international trade.

This shift has been attributed to the United States. use the dollar as a tool for sanctions. As a result, countries like China and Saudi Arabia are exploring alternative currencies.

Bitcoin (BTC) is currently experiencing an upswing in the cryptocurrency markets. Schiff’s warning about U.S. dollar instability could increase interest in Bitcoin and other cryptocurrencies as alternative stores of value.

This could lead to a rise in BTC/USD prices, especially as there continue to be growing concerns about traditional fiat currencies.

Coinbase CEO Brian Armstrong announces Bitcoin Lightning Network integration

Coinbase, one of the leading cryptocurrency exchanges, has officially confirmed its plan to integrate the Lightning Network (LN). It is a Layer 2 payment protocol that enables faster and cheaper Bitcoin transactions, something users have been demanding for some time.

The Lightning Network was designed to solve Bitcoin’s scalability issues and compete with newer cryptocurrencies that enable faster and cheaper transactions. Coinbase CEO Brian Armstrong has expressed his commitment to enabling faster and more affordable Bitcoin transactions.

He recognized the central role of Bitcoin in the crypto ecosystem. However, he warned that the integration process will take time and urged users to be patient.

Coinbase has followed in the footsteps of other exchanges like Binance and integrated the Lightning Network for BTC withdrawals and deposits.

This move is expected to improve the efficiency and affordability of microtransactions for Bitcoin users.

As a result, BTC/USD prices have increased today, reflecting optimism about Bitcoin’s increasing utility.

Delaware judge grants FTX permission to sell $100 million worth of coins weekly

In a significant development, a Delaware district judge, John Dorsey, has granted FTX, a crypto exchange currently undergoing bankruptcy proceedings, permission to liquidate billions of dollars in digital assets.

The move takes into account FTX’s complex financial situation while ensuring that funds are returned to creditors.

The approved plan imposes specific restrictions, including supervision by a financial advisor and a weekly sales limit of $100 million for most tokens, with the possibility of individual token-based adjustments of up to $200 million. FTX intends to hedge Bitcoin and Ethereum holdings to mitigate market volatility during sales.

FTX offers the opportunity to stake certain tokens that can increase returns.

DWF Labs, a technology company, has shown interest in acquiring FTX’s assets to ensure optimal execution prices and prevent significant market fluctuations.

This move aims to ensure the stability of the cryptocurrency market. The decision to allow FTX to liquidate assets under controlled conditions has instilled confidence in the market and may have contributed to the rise in Bitcoin price.

Bitcoin price prediction

Bitcoin is showing a strong uptrend and breaking through the notable resistance at $25,900, which is further reinforced by a downtrend on the four-hour chart.

In recent trades, it rose above this to reach a high of $26,500, which is now acting as significant resistance due to a double top pattern.

However, BTC failed to sustain above $26,500 and fell back near $26,000 to move above its new support level at $25,900.

Bitcoin price chart – Source: Tradingview

Key indicators such as RSI and MACD are in buying territory, and the 50-day exponential moving average suggests bullish momentum as long as BTC stays above $25,600.

A fall below could lead to support levels at $25,400 and $24,950. Breaking the $26,500 resistance could be a target at $27,000 and $27,500. In conclusion, the $26,500 mark is a crucial factor for Bitcoin’s next steps.

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Cryptocurrency Price Tracker – Source: Cryptonews

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