Key Points
- Whale accumulation hits an all-time high of 670,000 BTC.
- Bitcoin swiftly recovers above $67K after a price drop to $65K.
- Whales’ long-term optimism suggests more upward movement.
- ETF inflows show institutional confidence despite price volatility.
Bitcoin whale accumulation has hit an all-time high, reaching a record 670,000 BTC. Despite recent volatility, with Bitcoin dropping to $65,200, the subsequent v-shaped recovery back to $67,000 highlights the confidence large holders (whales) have in the long-term future of the asset.
Whale accumulation trends typically serve as a bullish signal, often leading to significant price movements as retail investors follow the whales’ lead.
Whales currently hold around 670,000 BTC, which is the highest value ever. Undoubtedly, this is an optimistic long-term sign.
Live chart👇https://t.co/95jlYBrFT9 pic.twitter.com/2VDkabX6YN
— Baro Virtual (@BaroVirtual) October 24, 2024
Whale Accumulation at its Peak 670K Billion
What has been gathering storm clouds lately over the cryptocurrency market and it’s bitcoin-led aggregation has been one of strong accumulation of bitcoin dollars, now pretty much up at the 670k btc.
The time frame or period has been determined to be the highest recorded, thus giving wings or asserting the value psychology of cryptocurrency assets.
Barell’s latter advances made it known on Cyberquant that what is occurring is part of the larger plan that occurred back in 2020 with what became dominant.
In the past, the price of bitcoin has seen massive growth following the accumulation of BTC as whales entered the fold of active investors.
The reason for this growth comes from retail investors, who inject a lot of capital into the market after the whales invest and the price remains stagnant for a period.
This has worked in the past; buy during the accumulation phase and subsequently sell at a profit, during the bull market, and this scenario appears to be repeating itself.
A Return of the V-Shape for Bitcoin and More Institutional Faith in the Future
Currently, as Bitcoin whales are on a buying spree, the cryptocurrency started gaining momentum after touching a low of $65200 in recent weeks, and today it can be found closer to the $67000 area.
The prices have also seen quite a jump due to the ever-bullish sentiment from big institutions. There was a bitcoin etf inflow of $192.4 million on October 23, despite this asset experiencing small depreciations in the meantime which suggests that the institutions had a greater amount of confidence in the future of the asset.
Not forgetting as always seasons change and indicators show that the bulls are back in town. Major bullish runs have been initiated by the golden moment indicator and this same indicator has recently turned green.
Market sentiment was already improving because this indicator has been correct in its prediction of price increases in BTC, four times in four years.
As for the future, the first resistance line for Bitcoin is $67,800. Once this level is breached, a significant trend change is likely, therefore, if the whales start buying even more this may set off another universal bull trend.
Whales Are Here, Prices Can Go Up Because Demand Does
With the accumulation of bitcoin whales’ bitcoin, it seems bright for the upcoming bullish run as many large holders are gearing up for a market movement.
Whales are followed by retail investors which means the demand for BTC could be massively increased which would drive prices up for a few months.
Also, the influx of ETFS shows institutional interest which means there aren’t many options besides bitcoin whenever the bullish phase kicks in.
As for the final remarks, the accumulation of Bitcoin big investors is seen as a strong signal for the market over a long period, and with 670000 BTCs in its possession, it is evident that these ‘whales’ will seek to make profits long at some point.
Technical indicators have become bullish, and with Bitcoin already climbing from the recent lows, large moves in the cryptocurrency are expected in the future.
