Sevcan Dedeoğlu: The US owns $5.4 billion in Bitcoin

Bitcoin has turned the 28,000 dollar level, which is its 200-day moving average, into a support level. There is a double-bottom formation on the chart that has been forming since August. The target of this formation is the 31,300 dollar level. We see a BTC price clinging to the neckline of the formation. As long as it stays above the 27,200 dollar level, it is possible to target the 31,300 dollar level. However, if we do not see buyer enthusiasm here, we will see that the 31,300 dollar level has failed to be surpassed for the 3rd time on the chart. This will create a triple-top formation for us. In this case, we would expect the chart to slide down to 23,500 dollars, which are the Fibonacci retracement levels, with a C correction wave; if the correction deepens further, we would expect it to slide towards the 19,200 dollar level, which is the Fibonacci 236 level. The level below 25,000 dollars will be an opportunity for those who want to make medium and long-term purchases. The 23K-19K band range will be the most suitable buying zone, but it is not possible to buy at the very bottom and sell at the very top on charts. For this reason, we recommend making gradual purchases and sales.

THE US IS THE OWNER OF 5.4 BILLION DOLLARS WORTH OF BITCOIN!

Dedeoğlu said, "Another surprising piece of news was that Washington is sitting on a hoard of seized Bitcoin worth more than 5 billion dollars. For now, it is reluctant to dispose of it. So, why isn't it selling? Stating that the US is one of the biggest whales, Kara said; 'We can say that the US is the largest institutional holder after MicroStrategy. The US obtained most of these cryptocurrencies by seizing the drug e-commerce site called Silk Road. With the closure of this site in 2013, 144,336 Bitcoins were seized. More recently, with the hacking of Bitfinex, 94,000 more Bitcoins were seized in 2022. The possibility of the US selling these Bitcoins has always posed a threat in terms of price. Holding almost 1 percent of the number of Bitcoins in the market, the US does not seem to be making this sale before its cryptocurrency policy becomes clear. The US had previously announced that it would use these Bitcoins in technology research. Besides this, it had sold 29,666 Bitcoins in 2014 when Bitcoin was at the 1.5k dollar level. We observe that the Bitcoins it holds have decreased by 10,000 in 2023. It may continue its sales without shaking the market. However, I do not expect it to sell all of its holdings unless the government takes a clear stance on Bitcoin,'" she said.

TARGET LEVELS IN BITCOIN AFTER ETF APPROVAL

Dedeoğlu: In the latest report published by the on-chain data company CryptoQuant, it was stated that SEC approval would initially increase Bitcoin's market value by 150 billion dollars and that the total market value could increase by another 900 billion dollars with additional investments to come later. This means almost a trillion-dollar market growth. ETF approval will create a huge positive speculation; both price and on-chain data will go up, but for it to be permanent, regular money inflow and market interest are needed. After the BlackRock Bitcoin spot ETF news, Bitcoin suddenly jumped from the 26,000 level to over 30,000. However, it continued to be priced according to the news in the market afterwards and experienced a correction movement. Even if there is a sharp rise, we will wait for the correction movement because liquidity taps have not yet been opened in global markets. Due to regulations and lawsuits, the market has not yet been able to receive a vote of confidence.