After a surge to $71,000, the Bitcoin price has cooled off and settled back around $67,000. However, recent data suggests that Bitcoin whales, entities with significant BTC holdings, are once again showing interest in accumulating more of the cryptocurrency. This resurgence in whale activity raises the question of whether their buying power can propel Bitcoin to a new record-high price.
Analyst Findings
According to a pseudonymous analyst who shared their insights in a post by CryptoQuant, Bitcoin whales have been increasing their holdings and showing a strong appetite for buying. Key indicators include the total whale holdings and a moving average tracking a 30-day percentage change in the balance. The recent data points to a notable increase in both whale address holdings and the total whale balance, signaling a renewed interest in Bitcoin accumulation.
The analyst highlighted a trend where Bitcoin whales had significantly increased their holdings by more than 11% in March, coinciding with a new all-time high for the BTC price of $73,737. This spike in accumulation was followed by a period of steadied growth in April, with the 30-day percentage change dropping to around 3%. However, May has seen a resurgence in whale activity, with the monthly percentage change climbing back above 5% as of May 24.
The return of strong buying force from Bitcoin whales indicates that they see the current prices as favorable for accumulation, despite prevailing market fears. If whale accumulation reaches levels seen in March, there is a heightened probability of Bitcoin revisiting and potentially surpassing its previous all-time high. This optimistic projection is supported by historical data showing that previous whale accumulation has preceded significant price surges in the premier cryptocurrency.
Current Market Status
As of the most recent data available, the price of Bitcoin hovers around $69,216, reflecting a marginal 0.8% increase in the past 24 hours. This modest uptick comes amidst growing interest and activity from whales, who are positioning themselves for potential future gains in the Bitcoin market.
The resurgence of Bitcoin whales and their increased appetite for accumulation hint at a positive outlook for the premier cryptocurrency. If historical patterns hold true, the current wave of whale activity could pave the way for Bitcoin to reach new record-high prices in the near future. Investors and market watchers alike will be closely monitoring whale behavior and its impact on Bitcoin’s price trajectory in the coming weeks.
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