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That’s what analysts said Bitcoin Prices could decline slightly in the near term as whale accumulation reaches a new record high.
Whale’s Bitcoin holdings have reached 670,000 BTC, the largest accumulation of the digital currency in history.
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Impact of whale accumulation
Crypto analysts said that one of the positive consequences of buying large quantities of whales Bitcoin is it helps stabilize the market. As a result, the price of the crypto could drop a bit or become more stable.
Reducing the volume of Bitcoin in the market could potentially make prices less sensitive to volatility. In previous whale accumulations, it was observed that the price of BTC usually behaves in a specific way, with BTC remaining flat or falling slightly in most cases.
This period of BTC accumulation could also indicate that whales have no immediate plans to sell their digital assets. It could be an indicator that whales want to capitalize on Bitcoin in the long term, so the accumulation phase is a strategic move.
True indicator of Bitcoin growth
CryptoQuant said that long-term whale accumulation can be seen as the “calm before the storm,” saying Bitcoin prices move sideways or experience a moderate decline during the accumulation phase. However, CryptoQuant noted that there is no doubt that this is an “optimistic sign” in the long term.
Whale stocks are at a record high
“Whales currently hold approximately 670,000 whales $BTCwhich is the highest value ever. This is undoubtedly an optimistic sign for the longer term.” – By means of @BaroVirtual
Full post 👇https://t.co/MoFLpZ3Rmh pic.twitter.com/7esCP6fVBE
— CryptoQuant.com (@cryptoquant_com) October 24, 2024
The crypto analyst said Bitcoin’s “real” growth happened after the whales decided to sell off their holdings and hit a negative percentage change value.
According to CryptoQuant, Bitcoin’s price movement during the accumulation phase usually paved the way for significant BTC growth.
“Historically, a sharp increase in Bitcoin prices often follows after whales reduce their holdings and a negative percentage change is achieved,” CoinNess Global said in a note.
Whales hold a record 670,000 BTC, analysts expect a possible increase
According to CryptoQuant analyst BaroVirtual, whales currently own approximately 670,000 Bitcoin (BTC) – the highest level ever recorded. Analysts suggest this accumulation phase, characterized by Bitcoin’s sideways trend or…
— CoinNess Global (@CoinnessGL) October 24, 2024
US elections could be a factor
Analysts said whale activity is a major driver in the crypto market, but they said a price shift in BTC depends solely on whales as several factors impact Bitcoin prices, and the US presidential election is one of them.
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Many Bitcoin analysts are looking ahead to the US national elections, which could be a defining moment for the digital currency market. This is the presidential election in which crypto-friendly policies have been a key part of the candidates’ political agendas.
However, some investors are betting that regardless of who wins the coveted seat in the White House, Bitcoin’s price will soar and possibly reach $80,000 by November.
Featured image of Harbor Breeze Cruises, chart from TradingView