Introduction
Nick and Chris, the hosts of the popular YouTube channel Cheeky Crypto, are in Dubai for business and the Cardano Summit. In JB’s latest video, he discuss Bitcoin’s on-chain activity and potential price movements.
Upcoming ETF Approval and Price Impact
One of the most anticipated events for Bitcoin in the near future is the approval of a spot Bitcoin ETF. This would allow investors to invest in Bitcoin directly through their brokerage accounts, which could lead to a significant increase in demand and price.
Price Targets and Opinions
JB also reviews different price targets for Bitcoin, both from their own analysis and from viewers in the comments. Some analysts believe that Bitcoin could reach $100,000 or even $200,000 in the next bull run.
Technical Analysis
JB provides a technical analysis of Bitcoin’s price chart, identifying potential entry points and stop-loss levels. He also introduces the “cheeky Cipher” indicator, which he uses to trade Bitcoin.
On-Chain Data
JB also examine on-chain data for Bitcoin, including its current price, network statistics, wallet counts, and inflows and outflows from exchanges.
Key Findings
- Wallet counts: The number of Bitcoin wallets with more than 1 BTC has reached an all-time high, suggesting that long-term investors are accumulating Bitcoin.
- Inflows and outflows: Bitcoin outflows from exchanges have exceeded inflows in recent months, indicating that investors are withdrawing Bitcoin to hold in their own wallets.
- Liquidations: Over $46.5 million worth of Bitcoin positions were liquidated in the last 24 hours, with 45% of positions long and 54% short. Binance liquidated the most positions, worth $17.6 million.
Implications for Traders
JB believes that the on-chain data is bullish for Bitcoin in the long term. However, he cautions traders to be careful in the short term, as there is a risk of liquidations if the market experiences a sudden sell-off.
Conclusion
JB advise traders to stay informed about Bitcoin developments and to trade safely with tight stop-loss levels. JB also promotes the website’s membership, which offers a variety of benefits for traders, including access to exclusive content and trading tools.
