As a seasoned analyst with over two decades of experience in financial markets, I find the current state of Bitcoin (BTC) intriguing and promising. The recent surge above $67,000, despite a brief dip below, is not just a price movement but a testament to the growing optimism among long-term investors, as evidenced by the all-time high whale holdings.
The price of Bitcoin (BTC) has quickly bounced back above $67,000, increasing by 3% following a dip to $65,200. Despite the recent decline, the indicator measuring long-term Bitcoin accumulation remains unaltered as large Bitcoin holders have achieved new highs.
Bitcoin whale balances indicate “optimistic” long-term expectations
According to BaroVirtual, a trusted Bitcoin analyst on CryptoQuant, the quantity of Bitcoin held by large investors (whales) has surpassed its all-time high (ATH) at roughly 670,000 BTC. The graph shows an increasing trend throughout 2024, as whales initially exceeded their previous ATH holding level from 2020 in July.
Regarding the recent increase in whale ownership, the researcher pointed out that this trend could be a positive long-term indication.
“This accumulation phase can be characterized as calm before the storm in the medium and long term.”
As an analyst, I observed that BaroVirtual noted that Bitcoin’s (BTC) price may frequently follow a horizontal or sideways trend when the whales’ positional value reaches a fresh high. However, this pattern tends to generate increased demand during a bullish market phase.
Consequently, Bitcoin’s steep increase in value happens as the large investors (whales) progressively sell off their coins, and individual investors take up the demand in the market, thus managing the selling pressure.
Earlier reports by CryptoMoon indicate that the behavior of large Bitcoin holders (Bitcoin whales) is mirroring patterns seen in 2020. Specifically, the ratio of these whale wallets on trading platforms has reached a level comparable to its peak from two years ago. Over the past half year, these whales have amassed approximately 1.5 million Bitcoins.
Bitcoin reclaims $67,000 as ETF inflows turn positive
As an analyst, I observed a shift in Bitcoin ETF flows on October 22nd, marking the first net negative of $79.1 million in two weeks, following a 3% decrease in Bitcoin prices the day prior. Contrary to the anticipated cooling-off period from institutional involvement, data indicates a surge in ETF inflows, reaching an impressive $192.4 million on October 23rd.
On a day when Bitcoin’s price closed down (a negative daily candle), it was noticed that there were still substantial inflows of money (positive inflows). This suggests that institutional investors are maintaining their optimistic outlook (bullish sentiment) despite temporary drops in the market.
Currently, a well-known cryptocurrency expert named Moustache has offered insights about the bullish signal shown by Bitcoin’s golden moment indicator.
The expert asserted that this particular indicator accurately predicted the start of a bullish phase on four separate occasions over the past four years, establishing its credibility as a dependable resource.
Technically speaking, Bitcoin swiftly bounced back over $67,000 following a ‘V-shaped’ pattern, which is a rebound from its initial demand level or support zone.
According to CryptoMoon on October 23rd, the most optimistic prediction for Bitcoin suggested an instant spike from approximately $64,500, as the cryptocurrency appeared to replicate the ‘fractal’ pattern observed in July. In simpler terms, it means that if a specific price pattern seen in July repeated itself, Bitcoin could potentially experience a sudden increase around the $64,500 mark.
Right now, Bitcoin‘s price behavior is unfolding as we anticipated, but a clear bullish signal will come when the daily trading candle closes above the current resistance level of $67,800.
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2024-10-24 19:48