Krutika Adani
Lately, Bitcoin whales have turned into net buyers. Whales with more than 100 BTC are at a 17-month high.
Miners have been struggling to manage after the halving, as the event left them with lesser revenue. Currently, miner revenues are at an 11-month low.
Top central banks worldwide bought $483 tonnes of gold in the first half of the year. These banks usually purchase gold to indicate an upcoming recession.
In such a recession, Bitcoin might outperform most assets in the near future as its value is perceived to be in the same category as gold but has even better returns.
The price of Bitcoin needs to cross $60k, followed by $70k, before it makes a new ATH. On the downside, $55k remains a strong support.