Anthony Pompliano: Bitcoin’s Resilience Reaches New Heights

The 200 DMA has reached a new ATH above $50,000. This indicates that Bitcoin is “stronger than ever,” stated Anthony Pompliano, founder of Pomp Investments.

Bitcoin’s 200 day moving average just hit a new all-time high.

GBTC saw the first day of inflows in 78 days.

Don’t get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.

Here is my segment on @SquawkCNBC this morning. pic.twitter.com/BG6GkzqVIi

— Pomp ? (@APompliano) May 6, 2024

“In the long term, digital gold continues to appreciate, although its price is volatile on a daily basis. Don’t be lulled into complacency by the sideways trend. The long-term thesis is stronger than ever,” the expert stated.

Analyst and CMCC Crest co-founder Willy Woo highlighted whale activity.

Never has there been such a buying spree by high net worth #Bitcoin holders as has happened in the last 2 months with BTC ranging between 60-70k.

These are the guys holding between 100 and 1000 BTC or roughly $6.5m — $65m of BTC. pic.twitter.com/oUuqD5UNdG

— Willy Woo (@woonomic) May 7, 2024

“Never before has there been such a buying spree by wealthy holders as in the last two months, when the price ranged between $60,000 and $70,000. These are those holding between 100 BTC and 1000 BTC, or roughly $6.5 million to $65 million,” he explained.

CryptoQuant recorded low activity among holders of 1000-10,000 BTC. According to analysts, this group typically contributes to significant downward volatility in the market.

From this observation, experts made two assumptions:

1. They may not want to sell yet, as the cycle continues to develop.
2. There is demand in the OTC capable of absorbing large sales volumes even without exchange deposits following ETF approval.

MN Trading founder Michaël van de Poppe pointed to the crucial support level at $60,500.

#Bitcoin looking for continuation within this range.

Crucial level for me is the $60.5K level.

If that holds, then there’s a likely chance of continuation to $70K in the upcoming 1-2 months. pic.twitter.com/8LBYOrPnyB

— Michaël van de Poppe (@CryptoMichNL) May 7, 2024

“If it holds, then there’s a likely chance of continuation to $70,000 in the upcoming one to two months,” the specialist predicted.

Trader and analyst Rekt Capital reported the first cryptocurrency’s exit from the post-halving “danger zone” and the beginning of a re-accumulation phase.

Earlier, former BitMEX CEO Arthur Hayes suggested Bitcoin could surpass the $60,000 level and move towards $70,000 by August.