Originally published on: October 24, 2024
Bitcoin’s price has bounced back above $67,000 with a 3% increase after a brief dip to $65,200. Despite this, the sentiment around long-term Bitcoin accumulation remains strong as whale holdings have reached an all-time high.
BaroVirtual, a respected Bitcoin researcher on CryptoQuant, recently pointed out that whale holdings have surged to a new ATH of 670,000 BTC. This increase marks a continued upward trend in 2024, surpassing previous highs set in July 2020.
According to the researcher, the current rise in whale holdings is a positive sign for the long-term outlook. While this may lead to sideways price movement in the short term, it ultimately fuels demand during bull markets.
In previous reports, it was noted that Bitcoin whale accumulation is following a similar pattern to 2020. Whale wallets on spot exchanges have accumulated over 1.5 million BTC over the last six months, reflecting a strong bullish sentiment.
Recently, Bitcoin ETF flows experienced a brief downturn following a 3% drop in BTC prices. However, data shows that ETF inflows rebounded to $192.4 million on Oct. 23, signaling continued institutional interest in Bitcoin.
In addition, Moustache, an independent crypto analyst, highlighted the bullish signal from Bitcoin’s golden moment indicator. This indicator has accurately predicted the start of bullish trends four times in the past four years, making it a reliable tool for investors.
From a technical standpoint, Bitcoin has made a swift recovery above $67,000 following a V-shaped pattern. The next key level to watch is the overhead resistance at $67,800, which, if breached, could signal further upside potential for BTC.
Overall, while this article does not offer investment advice, it underscores the importance of conducting thorough research before making any financial decisions in the volatile cryptocurrency market. Subscribe to our Markets Outlook newsletter for more insights and analysis on crypto trends.