As an experienced analyst with a deep understanding of the cryptocurrency market, I find the recent buying activity from Bitcoin whales to be a promising sign for the future price trend. According to data from IntoTheBlock and CryptoQuant, large holders have been aggressively accumulating Bitcoin after its dip below $60,000, indicating strong buying pressure. This is in line with early signs of accumulation that analysts like Ali have been observing for some time now.
Based on information from crypto analysis company IntoTheBlock, significant purchases of Bitcoin by major investors, or “whales,” were detected when the cryptocurrency’s price fell under $60,000. Such activity suggests robust demand among large-scale investors.
Approximately 55,000 Bitcoin were transferred into cryptocurrency wallets holding over 0.1% of the total supply during the last month.
As a crypto investor, I’ve been keeping a close eye on the market, and just earlier today, an anonymous crypto analyst named Ali made some intriguing remarks. He noticed “early signs” that Bitcoin might be entering an accumulation phase. According to his analysis, this stage would come after three months of distribution, during which investors have predominantly sold off their holdings.
According to U.Today’s latest report, CryptoQuant’s Ki Young Ju shares his viewpoint that Bitcoin’s current sideways price movement might offer a favorable purchasing chance for investors. Additionally, he maintains that Bitcoin’s bullish trend remains intact despite the increasingly negative market mood.
On Wednesday, Bitcoin, the foremost cryptocurrency, hit a low of $59,712 during the trading day. This decline triggered renowned critic Peter Schiff to forecast a more significant price drop.
From my research perspective, Bitcoin’s bulls have shown resilience in defending the crucial $60,000 mark, with the cryptocurrency trading at $60,373 as per CoinGecko’s latest figures. Notably, according to Lookonchain’s analysis, the recent price decline coincided with substantial whale transactions depositing large quantities of Bitcoin into Binance.
This past week, Tom Lee of Fundstrat predicted that Bitcoin’s price could reach an astounding $150,000 by the end of 2021.
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2024-07-03 20:30