- Whales have been steadily accumulating BTC, a factor that has contributed to the recent price surge.
- Also, there was little liquidity below Bitcoin’s price, with major resistance levels above, especially at a new price target.
As a seasoned researcher with a decade of experience in the cryptocurrency market, I’ve witnessed many ups and downs, but the recent rally of Bitcoin (BTC) has been particularly intriguing. The whales seem to be leading the charge, taking advantage of dips as opportunities to accumulate more BTC, much like a wise investor might buy stocks on sale at a discount.
Over the last day, Bitcoin (BTC) increased by 2.73%, bouncing back from a decline where its value dropped to $94,150.05, following a peak it reached around $104,000 earlier in May.
The surge in Bitcoin’s price lately is primarily fueled by increasing interest from investors, with significant purchases leading to a continuous increase in its value.
Whales lead the charge
There’s been renewed enthusiasm for Bitcoin, as large investors, known as “whales,” are believed to be significantly contributing to the recent price rise. This is based on insights by crypto expert Ali Chart, who has analyzed data from Glassnode.
As a researcher, I’ve noticed a notable trend in the Bitcoin market: large-scale investors, often referred to as ‘whales,’ have been accumulating substantial amounts of BTC. In fact, I’ve identified 342 wallets that each hold over 100 BTC, which translates to around $10 million each, given the recent dip in Bitcoin price to roughly $90,000 (as per CoinMarketCap). This suggests they’re taking advantage of the market downturn.
Significantly, these actions often suggest that whales perceive dips as chances to buy Bitcoin at reduced prices, in expectation of further market growth – a scenario that has indeed occurred, with Bitcoin currently trading above $100,000.
BTC could be aiming for a new high
According to liquidity information from Coinglass, as analyzed by Mister Crypto, there’s a strong possibility that the coin could reach a new peak and maintain its value above the $100,000 level.
Essential price areas, often referred to as “magnets,” are highlighted by liquidity levels. These areas have the ability to pull price fluctuations towards them due to their significant impact on asset trading.
Currently, Bitcoin (BTC) has moved past all major levels of market liquidity beneath its present value. The upcoming significant barrier for potential growth lies at approximately $105,000, exceeding its prior record high objective of $104,000.
Increased liquidity in the market
According to Whale Tracker, Tether (USDT) has produced an extra $1 billion from its reserves. This move suggests a surge of liquidity within the market.
This increase in liquidity indicates a rising interest in USDT, and it’s expected that investors will employ USDT to buy cryptocurrencies. Given Bitcoin’s status as a top choice among cryptos, it could potentially profit from this influx as traders utilize USDT for purchasing Bitcoin.
According to a related article, Whale Tracker observes a resurgence of faith in the digital currency market as a significant investor has moved approximately 7,999 Bitcoins, worth more than $800 million, into cold storage for safety reasons.
Given these developments, BTC seems increasingly likely to reach a new all-time high soon.
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2024-12-13 01:43