A recent event shows that bitcoin whales have refused to be deterred by bitcoin-price-crashed-below-40000/” rel=”nofollow”>recent price action of the bitcoin-dominance-reaching-its-peak-analyst/” rel=”nofollow”>flagship cryptocurrency. Instead, they have chosen to see it as an opportunity to accumulate more btc. This measure could be really profitable according to a recent analysis of crypto-analyst-predicts-1300-for-cardano/” rel=”nofollow”>crypto analyst Ali Martínez.
A rise in bitcoin whales
Ali Martinez stated in an X (formerly Twitter) mail that 46 new entities now own 1,000 btc or more, representing a 3% increase in just two weeks. bitcoin-addresses.html” rel=”nofollow”>Data from BitInfoCharts further shows that there are now 1,898 wallet addresses containing this amount of bitcoin or more. This is significant as it suggests that more people have become bullish on the crypto token despite the bitcoin-price-crashed-below-40000/” rel=”nofollow”>recent market correction.
These whales certainly have enough reasons to be bullish on btcAs Martinez's recent bitcoin analysis suggests, the tide could turn very soon. The analyst highlighted in a x publication how, historically, bitcoin price corrections have “been consistently followed by further upside gains” in bull markets.
As such, he noted that dips like this could offer “strategic buying opportunities for those looking to capitalize on bitcoin's potential growth.”
Meanwhile, the Spot bitcoin ETF Issuers have helped contribute to the increase in this figure, considering that they have had to accumulate btc for their respective funds. Data from on-chain analytics firm Arkham Intelligence shows that the world's largest asset manager, Black RockHe currently holds over 44,000 btc for his bitcoin ETF.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-whales-continue-buying-as-prices-fall-here39s-what-they" alt="Tradingview.com bitcoin Price Chart (btc Whales)” width=”3266″ height=”1530″ loading=”lazy”/>
btc price above $40,000 | Source: BTCUSD on Tradingview.com
btc still has more bullish momentum
While many in the crypto community continue to speculate whether the bull market has returned, there is reason to believe that btc's bullish momentum It's not fading anytime soon. In his most recent x publication, Ali shared how the next market peak could reach around 2025 if bitcoin wants to mirror past bull runs. Based on this projection, bitcoin is said to still have 600 days of bullish momentum ahead of it.
Meanwhile, bitcoin bulls will have to overcome the selling pressure of bitcoin whales like Grayscale. The asset manager had to unload a significant portion of his btc holdings due to the number of outflows he continues to see from his Spot bitcoin ETF. GBTC investors like FTX are reportedly making profits, considering the fund had traded at a price bitcoin-reaches-largest-discount-ever/” rel=”nofollow”>significant discount on bitcoin price before now.
At the time of writing, bitcoin is trading at around $39,000, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image of Milk Road, chart from Tradingview.com
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