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Analysts say that Bitcoin prices may fall slightly in the short term as the whale accumulation reaches a new record high.
The whale’s Bitcoin Holdings have reached 670,000 BTC, the largest collection of digital currency in history.
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The Impact of Whale Hoarding
Crypto analysts say that one of the positive effects of whales buying large amounts of Bitcoin is to help stabilize the market. As a result, the price of crypto can go down a bit or become more stable.
Reducing the volume of Bitcoin in the market can make prices less volatile. In collecting previous whales, it was noticed that the price of BTC usually behaves in a certain way, where most of the time, BTC moves slowly or decreases slightly.
This period of BTC accumulation may also indicate that whales have no immediate intention to sell their digital assets. It could be an indication that whales are looking to make money from Bitcoin in the long term so the accumulation phase is a strategic move.
The Real Bitcoin Growth Index
CryptoQuant said the whale rally could be seen as the ‘calm before the storm’ in the long term, saying that Bitcoin prices move sideways or experience moderate falls during the rally. However, CryptoQuant noted that there is no doubt that in the long run, this is a ‘hopeful sign.’
Whaling is at a high level
“Right now the whales catch about 670,000 $BTCwhich is the highest value. Undoubtedly, this is a positive long-term sign.” – In @BaroVirtual
Full post 👇 pic.twitter.com/7esCP6fVBE
– CryptoQuant.com (@cryptoquant_com) October 24, 2024
A crypto analyst said that the ‘real’ growth of Bitcoin happened after the whales decided to dump their holdings and hit a negative percentage change.
According to CryptoQuant, Bitcoin price movements during the accumulation phase often paved the way for significant growth in BTC.
“Historically, after whales reduce their holdings and a negative percentage reversal is achieved, a strong increase in Bitcoin prices tends to follow,” CoinNess Global said in a post.
Whales hold a record 670K BTC, analysts expect a possible rise
According to CryptoQuant analyst BaroVirtual, whales currently hold about 670,000 Bitcoin (BTC)—the highest level in history. Analysts suggest this accumulation phase, marked by Bitcoin’s sideways trend or…
— CoinNess Global (@CoinnessGL) October 24, 2024
US Election May Be a Factor
Analysts say that whale activity is the main driver in the crypto market, however, they say that the price change in BTC depends only on the conditions as several factors influence the prices of Bitcoin, and the US presidential election is one of them.
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Many Bitcoin analysts are looking ahead to the US general election, which could be a defining moment for the digital currency market. This is a presidential election where crypto-friendly policies have been an important 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 face an increase and possibly reach $ 80,000 in November.
Featured image from Harbor Breeze Cruises, chart from TradingView