The price of Bitcoin (BTC) has seen a slight decline of 1.66% in the last day, failing to break past the $102,000 mark on Friday. Currently, the leading cryptocurrency appears to be in a consolidation phase, with uncertainty surrounding its next price movement. Despite this, recent whale activity in the market has indicated a continued bullish trend.
Bitcoin Whales have shown confidence in a future rally as accumulation levels continue to rise. In a recent Quicktake post by CryptoQuant analyst Darkfost, it was highlighted that market whales, defined as investors holding over 1,000 BTC, have been consistently increasing their accumulation of BTC whenever prices fell between $95,000-$99,000. This observation is supported by data shared by analyst Ali Martinez, who reported that Bitcoin whales purchased 20,000 BTC, valued at over $2 billion, after a flash crash on Friday.
Interestingly, Darkfost noted a similar accumulation pattern by BTC whales when the asset traded in the range of $55,000-$70,000 for over eight months before the recent bull run in November. The increase in whale holdings at $95,000-$99,000 could establish a strong support zone and potentially trigger another price rally in the short to mid-term. CryptoQuant data shows that Bitcoin whales now hold close to 12 million BTC, signaling growing interest and market confidence.
Analyst Burak Kesmeci has predicted a potential parabolic rise for Bitcoin, tied to a specific condition. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci identified two crucial price points for Bitcoin – $100,000 (already achieved) and $125,000. The BGRM compares the price of gold to Bitcoin, evaluating BTC’s performance as a store of value relative to gold and identifying key resistance and support levels. Kesmeci highlights $125,000 as a critical price level that, once surpassed, could lead to a parabolic price increase based on historical data.
As of the time of writing, BTC is trading at $100,130, with a 0.50% gain in the past day. However, the daily trading volume has decreased significantly by 56.67%, amounting to $47.51 billion.
In conclusion, the recent whale activity and accumulation levels suggest a positive outlook for Bitcoin’s price movement in the near future. With key price levels and indicators pointing towards a potential rally, investors and analysts remain optimistic about the cryptocurrency’s performance.Disclaimer: Featured image from ZDFheute, chart from Tradingview.
