Analysts said that could drop slightly in the short term as whale accumulation reached a new record high.
Whale’s Bitcoin holdings have reached 670,000 BTC, the largest accumulation of the digital currency in history.
Crypto analysts said that one of the positive impacts of whales buying large volumes of is it helps stabilize the market. As a result, the crypto’s price could go down a little bit or become more stable.
Reducing the volume of Bitcoin in the market could possibly make prices less susceptible to volatility. In previous accumulations, it was observed that BTC price usually behaves in a specific way, in which on most occasions, BTC goes flat or slightly decreases.
This period of BTC accumulation could also signal that whales have no immediate intent to sell their digital assets. It might be an indicator that whales are looking at capitalizing on Bitcoin in the long term so the accumulation phase is a strategic move.
BTCUSD trading at $66,882 on the 24-hour chart:
Real Indicator Of Bitcoin Growth
CryptoQuant said the whale accumulation could be seen as the ‘calm before the storm’ in the long term, saying that Bitcoin prices move sideways or experience a moderate fall during the accumulation phase. However, CryptoQuant noted that there is no doubt that in the long run, this is an ‘optimistic sign.’
Whales’ holdings are at an all-time high
“Whales currently hold around 670,000 , which is the highest value ever. Undoubtedly, this is an optimistic long-term sign.” – By
Full post 👇
— CryptoQuant.com (@cryptoquant_com)
The crypto analyst said that the ‘real’ growth in Bitcoin happened after the whales decided to dispose of their holdings and reached a negative percentage change value.
According to CryptoQuant, Bitcoin’s price movement during the accumulation phase usually paved the way for significant growth in BTC.
“Historically, after whales reduce their holdings and a negative percentage change is reached, a strong surge in Bitcoin prices often follows,” CoinNess Global said in a post.
Whales hold record 670K BTC, analysts expect possible surge
According to CryptoQuant analyst BaroVirtual, whales currently hold approximately 670,000 Bitcoin (BTC)—the highest level on record. Analysts suggest this accumulation phase, marked by Bitcoin’s sideways trend or…
— CoinNess Global (@CoinnessGL)
US Elections Could Be A Factor
Analysts said that whale activity is a key driver in the crypto market, however, they said that a price shift in BTC does solely rely on whales since several factors have an impact on Bitcoin prices, and the is one of them.
Many Bitcoin analysts are looking ahead to the US national election, which could be a defining moment for the digital currency market. This is the presidential election wherein crypto-friendly policies have been a key part of the candidates’ political agendas.
However, some investors are betting that no matter who wins the coveted seat in the White House, Bitcoin price will experience an upsurge and potentially hit $80,000 by November.
Featured image from Harbor Breeze Cruises, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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