Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation
20 October 2024 - 1:00PM
NEWSBTC
Bitcoin nearly reached $69,000 yesterday, setting a new local high
and further solidifying the ongoing uptrend that began in
September. This price action has fueled optimism among analysts and
investors, who now anticipate significant gains in the coming
weeks. Investors believe Bitcoin is ready for a strong rally
after seven months of sideways accumulation. Critical data from
Santiment reveals that the number of Bitcoin whales—large holders
of BTC—grew substantially just as the price bottomed out around
$59,000 on October 10th. Related Reading: Solana Targets $160
Resistance As TVL Hits New Yearly Highs This increase in whale
activity is often seen as a sign of “smart money” positioning for a
major move. Large investors accumulating BTC during a low suggests
that they are preparing for something big in the coming weeks. As
excitement builds, market participants watch closely for further
signals that Bitcoin could be headed for new all-time highs. With
momentum on its side, Bitcoin appears ready to lead the market into
the next phase of this cycle. Bitcoin Whale Activity Supports
Bullish Outlook Bitcoin is trading near the historically reactive
price level of $70,000. A critical zone that has consistently acted
as resistance, pushing the price down five times over the past
seven months. Each time Bitcoin approached this level, it triggered
sell-offs or corrections, leading to caution among traders and
investors. However, recent data from Santiment reveals that this
resistance may be weakening due to increasing whale activity.
Between October 10th and 13th, a net rise of +268 wallets holding
between 100 to 1,000 BTC, signaling that large players are
accumulating Bitcoin as the price rallies. Analysts often see
an increase in whale wallets as a strong bullish indicator,
suggesting that influential investors are positioning themselves
for potential upside in the coming months. The timing of this
accumulation is crucial, as it coincides with Bitcoin’s upward
momentum, signaling that these big players expect further gains. As
more large holders continue to enter the market, the window to buy
Bitcoin at a favorable price narrows. Related Reading:
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This accumulation suggests that whales are betting on a sustained
bull run, potentially weakening the $70,000 resistance level and
allowing Bitcoin to push higher. With Bitcoin trading near this
critical price zone, the next few weeks could be decisive, either
breaking through $70,000 or facing another correction. BTC Testing
Supply Levels Bitcoin is trading at $68,383 after several days of
consistent highs, steadily pushing toward new supply levels. The
price recently halted at $68,998 and now appears primed for a
challenge to new all-time highs. This surge has created a
wave of optimism, but analysts caution that a healthy retrace may
be on the horizon. The 200-day moving average (MA), currently
sitting at $63,322, is a key level to watch. If Bitcoin retraces to
this support zone, it could signal strength for a renewed push
higher, as this level has historically acted as a strong support
during uptrends. Holding above the 200-day MA is crucial for
maintaining bullish momentum. Related Reading: Strong Buy Signal
For DogWifHat (WIF) – Key Indicator Hints At Rally To $4 If Bitcoin
fails to break above the $70,000 resistance in the coming week, a
retrace to lower demand is expected. This pullback would allow the
market to regain liquidity and reset for a potential new
rally. Investors are closely watching as the price action in
the next few days will determine Bitcoin’s long-term outlook.
Featured image from Dall-E, chart from TradingView
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