Analysts said so Bitcoin prices may decline slightly in the tiny term as whale accumulation reaches a recent record high.

Whale’s Bitcoin holdings have reached 670,000 BTC, representing the largest accumulation of digital currency in history.

Impact of whale aggregation

Crypto analysts said one of the positive effects of whales purchasing enormous quantities Bitcoin whether it helps stabilize the market. As a result, the price of the cryptocurrency may drop slightly or become more stable.

Reducing the volume of Bitcoin in the market could make prices less susceptible to volatility. In the previous one whale accumulation, it has been observed that the price of BTC tends to behave in a specific way where in most cases, BTC remains stable or slightly decreases.

This period of BTC accumulation may also signal that whales have no immediate intention to sell their digital assets. This may indicate that whales want to operate Bitcoin for the long term, so the accumulation phase is a strategic move.

Bitcoin’s true growth rate

CryptoQuant stated that the whale accumulation could be seen as a “calm before the storm” in the longer term, arguing that Bitcoin prices move sideways or experience a moderate decline during the accumulation phase. However, CryptoQuant noted that there is no doubt that this is an “optimistic sign” in the long run.

Whaling is at an all-time high

“Currently, whales hold approximately 670,000 individuals $BTCwhich is the highest value ever. Without a doubt, this is an optimistic sign in the long term.” – By @BaroVirtual

Full entry 👇https://t.co/MoFLpZ3Rmh pic.twitter.com/7esCP6fVBE

— CryptoQuant.com (@cryptoquant_com) October 24, 2024

A cryptocurrency analyst said Bitcoin’s “real” rally came after the whales decided to dump their holdings and hit a negative percentage change figure.

According to CryptoQuant, Bitcoin’s price movement during the accumulation phase usually paved the way for BTC to rise significantly.

“Historically, after whales reduce their holdings and a negative percentage change is achieved, there is often a strong increase in Bitcoin prices,” CoinNess Global said in the post.

Whales have a record 670,000 BTC, analysts expect possible growth

According to CryptoQuant analyst BaroVirtual, whales currently hold around 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

The US elections may matter

Analysts said whale activity is a key factor driving the cryptocurrency market, however, they said BTC price movement is solely based on whales as Bitcoin prices are influenced by several factors, and US presidential elections is one of them.

Many Bitcoin analysts are looking ahead to the US national elections, which could be a defining moment for the digital currency market. This is a presidential election in which cryptocurrency-friendly policies were a key part of the candidates’ political programs.

However, some investors are betting that regardless of who wins the coveted spot in the White House, Bitcoin’s price will skyrocket and potentially reach $80,000 by November.

Featured image from Harbor Breeze Cruises, chart from TradingView