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    Bitcoin whale accumulation hits 670K all-time high amid BTC’s v-shaped bounce

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    Bitcoin’s price has bounced back over $67,000, after briefly falling to around $65,200. The amount of Bitcoin held by major holders, known as ‘whales’, has reached a new record high of approximately 670,000 BTC. Whales’ increasing Bitcoin holdings suggest a positive long-term future for the cryptocurrency. Furthermore, Bitcoin’s price typically surges when whales begin to decrease their holdings and regular investors absorb the selling pressure. It’s also notable that the net inflows to Bitcoin ETFs recently surged to $192.4 million. Analysts predict the current positive trend in inflows will persist despite short-term falls in Bitcoin’s price.

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    Hey there! Bitcoin’s price (BTC) has quickly jumped back over the $67,000 mark, going up by 3% after sliding down to around $65,200. This sudden drop didn’t change the long-term confidence in accumulating more Bitcoin as the amount held by the major Bitcoin holders (known as ‘whales’) reached new record levels.

    BaroVirtual, a Bitcoin researcher at CryptoQuant, has shown that the current amount of Bitcoin held by the whales is at an all-time high of around 670,000 BTC. The trend shows that this amount is set to grow in 2024, with the whales’ holdings first surpassing their previous record from 2020 this past July.

    Chatting about the recent increase in whales’ Bitcoin holdings, the researcher suggested that this is a great sign for the long-term future of Bitcoin and said, “This accumulation phase can be characterized as calm before the storm in the medium and long term.”

    BaroVirtual also noted that Bitcoin’s price can often move sideways when the whales’ holdings reach a new record high, but it helps to create more demand during a bull market.

    This implies that a sudden surge in Bitcoin’s price can happen when the whales slowly start to reduce their holdings and regular investors start absorbing the selling pressure in the market.

    In the past, it has been reported that the current trend of Bitcoin accumulation by whales mirrors what was seen in 2020. The ratio of Bitcoin held by whales on spot exchanges has met its previous 2020 high, with these wallets accumulating over 1.5 million BTC in the last six months.

    Also, Bitcoin’s price quickly recovered past $67,000 after a brief drop. This happened as the net inflows to Bitcoin ETFs became positive again, surging to $192.4 million on 23rd October. Major analysts believe that this positive trend in inflows will continue despite Bitcoin’s short-term decreases.

    An independent crypto analyst named Moustache also pointed out Bitcoin’s “golden moment” indicator, which recently turned bullish. This has correctly predicted the start of a bullish trend four times in the last four years.

    Meanwhile, Bitcoin displaying a V-pattern recovery suggests a strong potential for further price increase, especially if it continues to perform as expected and crosses the $67,800 resistance mark.

    As usual, remember to do your own research and assess the risks before making any investment or trading decisions related to Bitcoin, peeps!

    Source: Cointelegraph

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