Briefly

• Bitcoin (BTC) has reached $30,500 in the first half of 2023, demonstrating its strong momentum, with a commendable year-over-year increase of 85%.
• A cost shrewd whale partner have purchased $1.83 billion worth of BTC since Blackrock petitioned for Bitcoin ETF application on June 15.
• Weighted Sentiment demonstrates that, despite recent price increases, social perceptions of BTC are far from exhilarating.

Bitcoin’s (BTC) cost shut June at $30,500, carrying its year-to-date (YTD) gains to 85%. It would appear that institutional investors are now taking long positions on BTC after outperforming the S&P 500 by nearly 70%. Will Bitcoin make more gains in H2 2023?

Bullish Bitcoin whales have set their sights squarely on the $35,000 mark after achieving gains of 85 percent in the first half. However, despite the SEC’s rejection of Nasdaq and Cboe Markets’ Bitcoin ETF applications for “incomprehensive” documentation, social sentiment toward BTC remains negative. Could these recent market developments propel BTC toward $35,000 in the coming weeks?

Institutional Investors are Taking Long Positions on Bitcoin

Increased demand for Bitcoin has emerged as a result of institutional investors’ growing interest in BTC derivatives. As indicated by on-chain information, a cost wise partner of whales holding adjusts of 1,000 to 10,000 BTC started to purchase BTC around June 15.

Interestingly, Blackrock’s Bitcoin ETF filing with the US Securities and Exchange Commission (SEC) was first announced on this date.

Taking a gander at the graph beneath, the whales steadily made a strong acquisition of 60,000 BTC in the final part of June 2023.

Since Blackrock submitted an application for a Bitcoin ETF, the Whales have invested approximately $1.83 billion, with BTC currently trading at $30,500.

BTC may experience increased whale demand in the coming weeks if the SEC accepts the June applications.

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BTC Social Perception Is Still Trending Downward.

BTC is still largely viewed negatively by society. Investors may have been concerned after the “incomprehensive” Bitcoin ETF applications rejected by Nasdaq and Cboe Markets.

Despite recent price increases, the BTC Weighted Sentiment remains at -1, as shown in the santiment chart below.

To put it simply, a -1 Weighted Sentiment score indicates that there are currently more than two negative opinions for every positive opinion regarding Bitcoin. With BTC market feeling still distant from elation, there is space for more bullish energy to develop before long.

Strategic investors who wish to enter the market at a time of low sentiment might consider this to be the ideal time to acquire Bitcoin.

In summary, the bullish mood among whales and the slightly pessimistic mood in the market are crucial signs of future gains.

BTC Price Prediction: All Eyes on $35,000

The above analysis of on-chain data indicates that BTC bulls are likely now targeting $35,000. However, in order for BTC to reach that goal, it must first overcome the initial resistance of around $31,000.

As displayed underneath, a bunch of 744,000 financial backers that 288,000 BTC at a typical cost of $30,700 could slow the meeting.

However, BTC could reclaim $35,000 for the first time since May 2022 if the bulls reach that resistance zone.

In any case, with the bears still generally in charge of the media story, Bitcoin risks dipping under 28,000 once more. However, the massive drop could be avoided by the 1.55 million investors who purchased 772,000 Bitcoin at an average price of $28,100.

Once more by the by, assuming the help line neglects to hold firm, BTC could backtrack toward $27,000.