The price of Bitcoin (BTC) fell by 1.66% in the last day after failing to break $102,000 last Friday. Currently, the leader of the crypto market appears to be united, with little indication of the next price movement. However, recent whale activity has shown a continued bullish trajectory.
Bitcoin Whales Convinced Of Future Rally With Accumulating Rising Rates
In a Quicktake post on Saturday, CryptoQuant analyst Darkfost highlighted recent Bitcoin whale activity in relation to certain price levels.
A famous crypto expert said that the whales of the market i.e. investors with more than 1,000 BTC, now further increase the BTC collection whenever the prices drop between $95,000-$99,000. Darkfost’s view can be supported by recent data shared by another analyst Ali Martinez who reported that Bitcoin whales bought 20,000 BTC, worth more than 2 billion dollars, after the asset experienced a flash crash on Friday.
Interestingly, the CryptoQuant analyst says that BTC whales showed a similar rallying pattern when the commodity traded in the $55,000-$70,000 range for more than eight months before it started its latest bull run in November.
Therefore, an increase in whale holds at $95,000-$99,000 can turn this price range into a strong support zone that drives another price rally in the short to medium term. According to data from CryptoQuant, the holding of Bitcoin whales is now slightly shy of 12 million BTC, which is a strong bullish signal that shows the growing interest and confidence of the market.
Parabolic Rise of BTC?
In other developments, crypto analyst Burak Kesmeci predicted an incoming parabolic rise of Bitcoin that is tied to a certain situation. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci was able to identify two key points in the price of the major cryptocurrency. This is 100,000 dollars, which Bitcoin has already earned, and $125,000.
As the name suggests, BGRM is a trading tool that compares the price of gold to the price of Bitcoin. It is used to assess the relative performance of BTC as a store of value compared to gold and can identify key resistance and support levels.
According to Kesmeci, BGRM highlights $125,000 as an important price level and a possible threshold for continuation of the bullish movement. By passing this price region described as “potential bull 2”, Bitcoin is likely to experience symbolic price gains based on historical data.
At the time of writing, BTC is now trading at $100,130 following a 0.50% gain over the previous day. However, the daily trading volume of the commodity decreased by an amazing 56.67% and is worth $47.51 billion.
Featured image from ZDFheute, chart from Tradingview
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