Bitcoin’s price has steadied around $27,000 after numerous failed attempts to march above the psychological resistance level of $30,000. It appears the crypto-asset has entered a consolidation phase. But there may be an opportunity here.
Key whale addresses have been accumulating at a steady rate over the last five weeks as the world’s largest crypto asset hit stagnancy.
During the period, this cohort of market players – holding between 1K to 10K BTC – accumulated a combined total of 84,897 BTC (worth about $2.3 billion at today’s prices).
Such a move indicates investors view the recent stagnancy in price movement as an opportunity to acquire more portions of the asset.
Bitcoin’s price jumped by nearly 35% in January when these whale addresses went into an accumulation mode, according to analytic firm, Santiment.
#Bitcoin‘s key large whale addresses tier has been on a steady accumulation run over the past 5 weeks, accumulating a combined 84,897 $BTC during this time while prices are stagnant. In their previous accumulation cycle in January, prices jumped +34.4%. https://t.co/fLhCcBOJZA pic.twitter.com/sV43UxGksj
— Santiment (@santimentfeed) May 16, 2023
K33 had earlier speculated that there’s a chance of BTC peaking at around $45,000, citing the resemblance of its price trajectory to that of its early 2019 surge.
Halfway through the month already, the largest crypto-asset is yet to break its resistance level of $30,000. Nevertheless, there’s another factor that could potentially serve as a catalyst – the movement of a large number of bitcoins from crypto exchanges.
Prominent analyst Ali Martinez observed that more than 20,000 BTC have moved off these platforms over the last 24 hours, indicating that market players are anticipating the price to surge.
While the $45,000 prediction may not transpire this month, as short-term prospects for Bitcoin appear to be bleak, the long-term on-chain indicators, on the other hand, signaled bullish developments and resemble the early stages of the previous bull markets, as noted by Bitfinex’s recent report.
The post Bitcoin Whales Amassed $2.3 Billion Worth of BTC in 5 Weeks: Data appeared first on CryptoPotato.
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