Bitcoin Whales Continue Accumulation Amid Price Struggles
Despite Bitcoin’s recent price struggles, large investors are increasing their Bitcoin holdings, with whale wallet addresses rising significantly. Analysts predict a possible price rally back to an all-time high of $109,000 in April, demonstrating continued confidence in Bitcoin’s potential.
Recent volatility in the cryptocurrency market has hindered Bitcoin’s price recovery since achieving a record high in January. Despite this, experienced investors continue to purchase Bitcoin, demonstrating confidence in its potential. Notably, large investors or ‘whales’ have been increasingly active, according to Santiment, a prominent on-chain data platform. Consequently, the number of whale wallet addresses has surged, especially among those holding between 1,000 and 10,000 BTC.
As Bitcoin’s market value fluctuates between $81,000 and $84,000, the growing number of whale wallets implies that these significant investors are strategically accumulating BTC during this downturn, anticipating future gains. Specifically, the count of wallets holding 1,000 to 10,000 BTC has reached 1,993, marking a peak since December 2024, including an increase of 50 wallets in recent weeks.
Historically, activities of large investors have shaped Bitcoin’s price movements, fostering an optimistic outlook for a potential increase. Should the current accumulation trend persist within the $81,000 to $84,000 range, it could establish a critical support zone, strengthening the asset’s position for a short-term rebound. Additionally, Santiment has noted the increase in whale wallets by 2.6% over the past five weeks despite the bearish market fluctuations.
Furthermore, crypto analyst Captain Faibik has projected a potential rally for BTC that may bring it back to its all-time high of $109,000. He anticipates a breakout from a four-month Falling Wedge pattern, signaling an end to the current correction phase. This forecast suggests that a price rally may commence in early April, while both established and new investors continue to watch for buying opportunities during dips.
In summary, despite ongoing price challenges, large investors are actively accumulating Bitcoin, indicating confidence in its future value. The increase in whale wallet addresses, particularly among those holding substantial amounts of BTC, presents an optimistic outlook for future price recovery. With analysts forecasting potential rallies, Bitcoin may soon be on the verge of breaking its previous all-time high. Sustained accumulation by whales could prove pivotal in establishing a supportive price base.
Original Source: bitcoinist.com
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