Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate
25 Outubro 2024 - 5:30AM
NEWSBTC
Bitcoin (BTC) is currently witnessing a price recovery after a
brief dip earlier in the week. Despite these fluctuations, a
CryptoQuant analyst under the pseudonym BaroVirtual has shared some
encouraging long-term insights regarding whale activity. According
to the analyst, whales—large holders of Bitcoin—now control
approximately 670,000 BTC, the highest amount ever recorded. This
accumulation phase by whales is being seen as a positive signal for
Bitcoin’s long-term outlook. Related Reading: Bitcoin’s Current
Decline Could Be Temporary—Key Signs of A Rally Revealed Whale
Continues Accumulation BaroVirtual emphasized that when whale
holdings reach such high levels, Bitcoin tends to remain in a
sideways trading pattern or experiences mild price declines. This
accumulation phase, however, often serves as a precursor to
significant upward movement in the cryptocurrency’s value. The
analyst described this phase as the “calm before the storm,”
suggesting that a major price surge could be on the horizon as
whales gradually reduce their holdings. This pattern has
historically led to long-term price increases for Bitcoin.
BaroVirtual also warned of potential risks tied to the upcoming US
presidential elections, noting that if Bitcoin fails to update its
all-time high between the elections and late November, it could
signal deeper issues within the current bull cycle. The post on the
CryptoQuant QuickTake platform read: Finally, if the all-time price
high between the US presidential elections and November 28 (+/- 21
days) is not updated, this will indicate severe problems with the
current bull cycle, and things will get ugly. Bitcoin Market
Performance And Outlook In parallel with these developments,
Bitcoin has seen a rebound in price following a recent dip that
followed its attempt to break through the $70,000 level on Monday.
After the correction, Bitcoin is currently trading at $67,658,
marking a 2.4% increase in the past day. This price recovery aligns
with technical signals indicating a potential continuation of the
bull run. A well-known crypto analyst known as CryptoBullet
recently noted on X that Bitcoin’s weekly Moving Average
Convergence Divergence (MACD) indicator has crossed into bullish
territory for the first time since October 2023. CryptoBullet
highlighted that this setup is reminiscent of Bitcoin’s 2021 price
action, which saw a similar vertical rally followed by a mid-term
correction. However, unlike 2021’s deeper correction, the current
phase has taken more time to unfold but has not been as severe.
Related Reading: Bitcoin Price Retests Bullish Channel At $65,000,
Analyst Reveals What’s Next The analyst remains optimistic,
predicting that Bitcoin will likely break out of its multi-month
consolidation phase, leading to a new all-time high in price.
#Bitcoin Weekly MACD crossed bullish for the first time since
October 2023! 👀 But this picture reminds me a lot of 2021: same
Vertical Rally (MACD peaked) followed by a painful Mid Term
Correction (however, this time it’s not that deep, it just took
more time). Now $BTC is… pic.twitter.com/q03dN7GgS6 — CryptoBullet
(@CryptoBullet1) October 23, 2024 Featured image created with
DALL-E, Chart from TradingView
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