- Bitcoin whales have amassed historic assets and view the current price as a dip.
- Several other indicators also point to a potential bottom in the market.
The crypto market is buzzing with speculation about this Bitcoin [BTC] could hit a new all-time high by the end of the fourth quarter. After rising more than 10% in the past week and breaking through the $66,000 resistance, optimism is high.
However, concerns remain as the growing influence of perpetual traders increases inconstancy to the mix.
Yet in a surprising twist, AMBCrypto has identified a hidden pattern that could make Bitcoin more resilient to sudden swings caused by short sellers betting against its price.
Bitcoin whales amass control
New Bitcoin whale wallets now hold approximately 2 million BTC, worth $132 billion. Each of these wallets contains over 1,000 BTC, with an average age of less than 155 days, reflecting a staggering 813% increase year to date.
Source: CryptoQuant
This accumulation represents 9.3% of Bitcoin’s total supply, indicating significant institutional-level purchasing through self-custody services.
Simply put, this massive accumulation rules out miners and exchange wallets, highlighting more individual wallets developing into Bitcoin whales.
This trend is particularly notable as BTC is approaching a major psychological level. The aggressive buying by Bitcoin whales could suggest that the current price is a potential market bottom.
Furthermore, this accumulation helps neutralize pressure from the derivatives market, where short positions often exist outnumber long, which act as a major resistance to Bitcoin spikes.
Does this support the idea that BTC could reach its ATH by the end of this cycle, or does it indicate an overheated market?
STHs focus on the dip
Aside from Bitcoin whale activity, there has been a notable increase in demand for BTC from STHs over the past 18 days.
Source: CryptoQuant
This increase is significant because STHs typically shed their holdings when BTC hits a market top, creating resistance as they cash out profits.
However, the current increase in demand from both STHs and Bitcoin whales suggests that they are viewing the current price as a dip and positioning themselves for a potential 10x return.
Read Bitcoin’s [BTC] Price forecast 2024–2025
As a result, market indicators suggest that BTC may be on the cusp of a parabolic run, potentially leading to a new ATH before this cycle ends.
Historic Bitcoin whale numbers support this analysis and could help weather the storm unleashed by speculative traders. Overall, this trend reflects the growing maturity of the market, showing that investors no longer view Bitcoin as a speculative gamble.