Originally published on: October 24, 2024
Bitcoin has bounced back above $67,000 with a 3% surge following a brief dip to $65,200. Despite the price fluctuations, the sentiment around long-term Bitcoin accumulation remains strong, as evidenced by a new all-time high in whale holdings.
BaroVirtual, a reputable Bitcoin researcher at CryptoQuant, recently pointed out that whales now hold a staggering 670,000 BTC, marking a significant milestone in their accumulation trend. This surge in whale holdings, surpassing previous ATH levels from 2020, signifies a positive long-term outlook for Bitcoin.
According to BaroVirtual, when whale holdings peak, it often signals a period of sideways price movement, creating more demand in the market, particularly during a bullish cycle. As whales gradually reduce their holdings, retail investors step in to absorb any selling pressure, ultimately driving Bitcoin’s price higher.
In line with 2020 trends, Bitcoin whale accumulation is on par with previous levels, with whale wallets accumulating over 1.5 million BTC in the last six months. This consistent accumulation mirrors Bitcoin’s rally in 2020, highlighting the whales’ role in shaping market dynamics.
Despite a recent drop in Bitcoin prices and net outflows in ETFs, institutional interest remains strong, as indicated by a surge in ETF inflows. Even on days with price declines, positive inflows suggest a bullish sentiment among institutions, reinforcing Bitcoin’s long-term growth potential.
On the technical front, Bitcoin’s price has exhibited a V-shaped recovery above $67,000, following a pattern reminiscent of July’s bullish trend. Further confirmation of this bullish momentum would be seen with a daily candle closing above key resistance levels at $67,800, setting the stage for a potential uptrend.
With Bitcoin’s golden moment indicator turning bullish and whales increasing their holdings, the outlook for Bitcoin remains positive, hinting at potential price appreciation in the near future. As always, it’s essential to conduct thorough research and exercise caution when making investment decisions in the volatile crypto market.
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