Bitcoin is once again the center of attention as traders eagerly await its potential surge past the elusive $100,000 threshold. This excitement has led to increased market activity, particularly among Bitcoin whales. These major players are making notable moves, with on-chain data indicating an impressive acquisition of over 40,000 BTC in just four days by this influential group.
This significant accumulation is occurring as Bitcoin’s price touched a high of $99,645 within the last 24 hours, fueling the narrative of an impending historic price milestone.
Understanding Bitcoin Whale Accumulation Patterns
The recent price trends of Bitcoin have shone a spotlight on the actions of Bitcoin whales. Renowned cryptocurrency analyst Ali Martinez has highlighted the notable activities of these whales on social media, specifically on platform X. Citing data from Santiment, Martinez noted that Bitcoin whales have purchased over 40,000 BTC, valued at approximately $3.96 billion, over the past 96 hours. The Santiment data specifically refers to addresses holding between 100 and 1,000 BTC.
This assertive accumulation comes at a critical point for Bitcoin, with prices nearing the highly anticipated $100,000 mark. Such actions by whales typically reduce the available supply of Bitcoin on the open market, potentially driving prices higher.
Despite the increase in whale accumulation, on-chain data from Glassnode reveals that long-term holders have simultaneously increased their profit-taking. Over 128,000 BTC has been sold by these long-term holders since early October.
Nevertheless, the demand from US Spot Bitcoin ETFs has counterbalanced this sell-off, absorbing around 90% of the Bitcoin sold by long-term holders. A plausible reason is that long-term holders are moving their Bitcoin from self-custody to Spot Bitcoin ETFs to leverage the regulatory clarity these ETFs offer. According to SoSoValue, US Spot Bitcoin ETFs experienced consecutive days of inflows last week, culminating in a total inflow of $3.38 billion, marking the largest weekly inflow since their inception in January 2024.
As of now, Bitcoin is trading at $97,493.
Future Prospects for Bitcoin Pricing
Looking ahead, Bitcoin’s price appears poised to break the $100,000 barrier in the coming days. However, the subsequent trajectory remains uncertain. Crypto analyst Tony Severino predicts that Bitcoin’s price could potentially double within two weeks to two months after surpassing $100,000, based on its performance after breaking the $10,000 mark in 2017.
Conversely, seasoned analyst Peter Brandt anticipates potential selling pressure once Bitcoin surpasses $100,000. He suggests that bulls might sell their BTC just under $100,000, expecting a correction that may not materialize, only to turn bearish if Bitcoin reaches $120,000, assuming prices must fall.
Despite varying predictions, the current crypto market conditions seem favorable for a continued rise in Bitcoin’s price over the upcoming weeks and months.
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