Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC?
26 Outubro 2024 - 8:30PM
NEWSBTC
Analysts said that Bitcoin prices could drop slightly in the short
term as whale accumulation reached a new record high. Whale’s
Bitcoin holdings have reached 670,000 BTC, the largest accumulation
of the digital currency in history. Related Reading: Against All
Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Impact Of Whale
Accumulation Crypto analysts said that one of the positive impacts
of whales buying large volumes of Bitcoin is it helps stabilize the
market. As a result, the crypto’s price could go down a little bit
or become more stable. Reducing the volume of Bitcoin in the market
could possibly make prices less susceptible to volatility. In
previous whale accumulations, it was observed that BTC price
usually behaves in a specific way, in which on most occasions, BTC
goes flat or slightly decreases. This period of BTC accumulation
could also signal that whales have no immediate intent to sell
their digital assets. It might be an indicator that whales are
looking at capitalizing on Bitcoin in the long term so the
accumulation phase is a strategic move. Real Indicator Of Bitcoin
Growth CryptoQuant said the 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 fall during the
accumulation phase. However, CryptoQuant noted that there is no
doubt that in the long run, this is an ‘optimistic sign.’ Whales’
holdings are at an all-time high “Whales currently hold around
670,000 $BTC, which is the highest value ever. Undoubtedly, this is
an optimistic long-term sign.” – By @BaroVirtual Full post
👇https://t.co/MoFLpZ3Rmh pic.twitter.com/7esCP6fVBE —
CryptoQuant.com (@cryptoquant_com) October 24, 2024 The crypto
analyst said that the ‘real’ growth in Bitcoin happened after the
whales decided to dispose of their holdings and reached a negative
percentage change value. According to CryptoQuant, Bitcoin’s price
movement during the accumulation phase usually paved the way for
significant growth in BTC. “Historically, after whales reduce their
holdings and a negative percentage change is reached, a strong
surge in Bitcoin prices often follows,” CoinNess Global said in a
post. Whales hold record 670K BTC, analysts expect possible surge
According to CryptoQuant analyst BaroVirtual, whales currently hold
approximately 670,000 Bitcoin (BTC)—the highest level on record.
Analysts suggest this accumulation phase, marked by Bitcoin’s
sideways trend or… — CoinNess Global (@CoinnessGL) October 24, 2024
US Elections Could Be A Factor Analysts said that whale activity is
a key driver in the crypto market, however, they said that a price
shift in BTC does solely rely on whales since several factors have
an impact on Bitcoin prices, and the US presidential election is
one of them. Related Reading: Bitcoin Soars Towards $68K Amid
Microsoft’s BTC Investment SEC Filing Many Bitcoin analysts are
looking ahead to the US national election, which could be a
defining moment for the digital currency market. This is the
presidential election wherein crypto-friendly policies have been a
key part of the candidates’ political agendas. However, some
investors are betting that no matter who wins the coveted seat in
the White House, Bitcoin price will experience an upsurge and
potentially hit $80,000 by November. Featured image from Harbor
Breeze Cruises, chart from TradingView
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