All eyes are on Bitcoin, especially as many traders continue to predict a breakout above the $100,000 level. This expectation turned into… boost in activityespecially among Bitcoin whales. Interestingly, Bitcoin whales are making bold statements in the face of expectations, with on-chain data showing this cohort of holders has accumulated over 40,000 BTC in just 96 hours.
This compelling accumulation coincides with Bitcoin price reaching a high of $99,645 over the last 24 hours, adding further momentum to the narrative of a possible historic price milestone.
Studying the Holding Patterns of Bitcoin Whales
Bitcoin’s recent price momentum has put the spotlight on Bitcoin whales. Ali Martinez, eminent cryptocurrency analyst, he pointed out to the unusual activity of Bitcoin whales on the X social media platform.
Highlighting Santiment’s data, Martinez revealed that Bitcoin whales have purchased over 40,000 BTC worth approximately $3.96 billion in the last 96 hours. It is worth noting that the Bitcoin whales referred to in this metric by Santiment consist of addresses containing between 100 and 1,000 BTC.
This aggressive accumulation comes at a critical time for Bitcoin, with prices approaching the long-awaited $100,000 mark. Such whale activity typically reduces the available supply of Bitcoin in the open market, which is expected to continue to drive up the price of Bitcoin.
Despite the boost in whale accumulation, on-chain data from Glassnode suggests that they are long-term holders increased profit taking in tandem. Specifically, long-term holders have sold over 128,000 BTC since the beginning of October.
However, this long-term profit taking has so far been offset by demand from US Spot Bitcoin ETFs. These ETFs acted as a counterweight, absorbing almost 90% of the Bitcoin sold by long-term holders.
A possible explanation is that long-term holders are withdrawing from self-policing Bitcoin and are instead funneling their holdings into Spot Bitcoin ETFs to take advantage of their regulatory transparency. Last week, U.S. Bitcoin spot funds saw consecutive days of inflows, bringing total inflows to $3.38 billion, the largest weekly inflow since their launch in January 2024, according to SoSoValue data.
What’s next for Bitcoin’s price?
Looking ahead, Bitcoin’s price is definitely heading towards breaking above $100,000 in the next few days. However, this remains to be seen what will happen next. Crypto analyst Tony Severino he speculated on this subject Bitcoin price peak could double within two weeks to two months after breaking above $100,000. This prediction is based on Bitcoin’s price performance after it broke above the $10,000 price level for the first time in 2017.
On the other hand, experienced analyst Peter Brandt suggests that there may be some sort of selling pressure among bulls when Bitcoin’s price exceeds $100,000.
“What I had in mind here was the possibility that bulls sell their BTC below $100,000, thinking they will buy a correction that won’t come, and then turn bearish if Bitcoin hits $120,000, believing the price must fall,” he said. he said.
Nevertheless, the current cryptocurrency market landscape predicts a further boost in the price of Bitcoin over the next few weeks and months.
Featured image from DALL-E, chart from TradingView
