The post Bitcoin Whales Set New Record Holding 670,000 BTC, What’s Next? appeared on BitcoinEthereumNews.com.

Bitcoin whales have accumulated 670,000 BTC, marking an all-time high, signaling potential long-term optimism for the market. Whale accumulation phases typically precede major price movements, with past trends showing similar behavior before bull rallies. According to CryptoQuant, those who own large quantities of Bitcoin—that is, Bitcoin whales—are building BTC at unheard-of rates. Their present possession marks a new all-time high (ATH), roughly 670,000 BTC. Given whales usually trade in expectation of future price rises, this substantial accumulation of Bitcoin by these big investors is usually seen as a positive long-term trend. Whale purchase historically usually follows significant rallies, and this trend seems to be recurring. Source: CryptoQuant Whale Accumulation Amid The Bitcoin Price Fluctuations Signals Optimism  The buildup coincides with variations in the BTC price, which fell to about $65,200 before rising once again beyond $67,000. Whales kept raising their holdings in spite of price fluctuation, indicating hope for the future of Bitcoin. This kind of conduct fits historical patterns where, as in past bull cycles, major whale purchases preceded considerable increases in price movements. Analyzes note that with big holders positioned for long-term gains, this accumulation phase could be the “calm before the storm.” With Bitcoin trying to shatter resistance levels at $67,800, the market seems ready for a breakthrough. Together with technical signals suggesting possible bullish movements, this consistent accumulation by whales implies rising hope in the medium-to-long-term prospects of cryptocurrency. Price action seems moderate right now, but the continuous whale activity points to a major upward movement perhaps just around ahead. Moreover, on-chain data supports the perspective that whales are betting on bigger future benefits rather than merely accumulating for short-term profits. Historically, as whales cut their holdings following major accumulation periods, retail investors absorbing the selling pressure usually cause prices to rise. Meanwhile, CNF previously reported…

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Filed under: News - @ October 27, 2024 10:11 am