Hedge fund Vailshire Capital Management said that a breakout of Bitcoin (BTC) is imminent and that it will likely be on the upside.
Jeff Ross, the company’s founder and CEO, In his post dated January 19 He suggested that Bitcoin’s performance looked extremely positive.
Vailshire Capital maintains its long position
Using on-chain data and macro perspectives, Ross pointed out that the consolidation in Bitcoin price this week has come to an end.
“Update on Bitcoin technical indicators … The break is imminent. The direction is not clear yet. Macro perspective: Extremely positive. On-chain analysis: Extremely positive,” Ross noted.
“It will likely move up. Short-term lows will be bought. Vailshire Partners LP maintains its long position.
Asset management giant Grayscale, on the other hand, made the largest one-day purchase ever, buying nearly $ 700 million worth of BTC on Tuesday.
Bitcoin Price Index: 1 Bitcoin How Many TL? (BTC TL)
The difficulty and hash rate of the Bitcoin network is also currently at a record level, and the expectation that the price will follow these indicators is growing. The largest altcoin Ether (ETH) also broke a record on Tuesday, reaching as high as $ 1,428.
PlanB: “All eyes on monthly closing”
PlanB, the creator of the stock-to-flow price model, is watching the possibility of the BTC / USD pair to rise to a “point of no return” soon.
PlanB said that this point could be reached if the month of January is closed at around 48 thousand dollars.
Bitcoin can also reinforce its suitability for the stock-flow model if it closes at $ 48,000 this month.
In a Twitter post sharing a graphic PlanB summed up, “Closing the month at $ 48,000 will create a good gap between monthly points. These gaps usually indicate points of no return (red arrows).”
On the other hand, Cointelegraph Markets analyst filbfilb, In his post he shared on Tuesday He said the next few days are critical for Bitcoin to recover from bearish pressure.
Filbfilb explained that this is due to the constant warning signals that the Predator trading tool has given out.
“Predator creates yellow candle for the second time in bitcoin boom” stating that the analyst, continued as follows:
“The last yellow candle can be ignored as the next is green. It needs to be resolved in the next three days, otherwise we may see a longer consolidation or decline.”