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Analysts said Bitcoin prices could decline slightly in the near term as whale accumulation hits a new record high.
Whale’s Bitcoin holdings reached 670,000 BTC, the largest digital currency accumulation in history.
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Impact of whale accumulation
Crypto analysts said one of the positive impacts of whales buying large amounts of Bitcoin is that it helps stabilize the market. As a result, the crypto price might drop a bit or become more stable.
Reducing the volume of Bitcoin in the market could potentially make prices less susceptible to volatility. During previous whale accumulations, it was observed that the price of BTC generally behaves in a specific manner, where in most cases BTC remains stable or declines slightly.
This period of BTC accumulation could also indicate that whales have no immediate plans to sell their digital assets. This could indicate that whales are looking to capitalize on Bitcoin in the long term, so the accumulation phase is a strategic decision.
True indicator of Bitcoin growth
CryptoQuant said that whale accumulation could be seen as the “calm before the storm” in the long term, saying that Bitcoin prices move sideways or experience a moderate decline during the accumulation phase. However, CryptoQuant noted that there is no doubt that in the long term, this is an “optimistic sign.”
Whale reserves reach record high
“Whales currently hold approximately 670,000 $BTCwhich is the highest value ever recorded. This is undoubtedly an optimistic sign in the long term. – By @BaroVirtuel
Full article 👇 pic.twitter.com/7esCP6fVBE
– CryptoQuant.com (@cryptoquant_com) October 24, 2024
The crypto analyst said that the “real” growth of Bitcoin occurred after whales decided to dump their holdings and reached a negative percentage change value.
According to CryptoQuant, Bitcoin price action during the accumulation phase has generally paved the way for significant BTC growth.
“Historically, once whales reduce their holdings and a negative percentage move is reached, a sharp rise in Bitcoin prices often follows,” CoinNess Global said in an article.
Whales hold record 670,000 BTC, analysts expect possible increase
According to CryptoQuant analyst BaroVirtual, whales currently hold around 670,000 Bitcoin (BTC), the highest level ever recorded. Analysts suggest this accumulation phase, marked by the sideways trend of Bitcoin or…
– CoinNess Global (@CoinnessGL) October 24, 2024
US elections could be a factor
Analysts said that whale activity is a key driver of the crypto market, but they said that BTC’s price change depends solely on whales, as several factors impact Bitcoin prices, and l The American 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 a presidential election in which pro-crypto policies have been a key part of the candidates’ political agenda.
However, some investors are betting that no matter who wins the coveted seat in the White House, the price of Bitcoin will see a surge and could reach $80,000 by November.
Featured image of Harbor Breeze Cruises, chart by TradingView
