Bitcoin whale accumulation hits 670K all-time high amid BTC’s v-shaped bounce
2024.10.24 13:23
Bitcoin’s (BTC) price has swiftly recovered above $67,000, moving by 3% after dropping to a low of $65,200. Despite the recent drawdown, the metric tracking long-term Bitcoin accumulation sentiment did not change as BTC whales’ holding reached new highs.
Bitcoin whale balances indicate “optimistic” long-term expectations
BaroVirtual, a verified Bitcoin researcher on CryptoQuant, highlighted that the current whale holding reached a new all-time high (ATH) at around 670,000 BTC. The chart exhibits a growing trend in 2024, with whales initially eclipsing their previous ATH holding level from 2020 in July.
Bitcoin whales holdings chart. Source: CryptoQuant
Speaking of the current rise in whale holdings, the researcher mentioned that it is an optimistic long-term sign and said,
“This accumulation phase can be characterized as calm before the storm in the medium and long term.”
BaroVirtual added that BTC’s price could often move in a sideways trend when the whale’s holding positional value exhibits a new peak, but it creates more demand during a bull market.
Therefore, Bitcoin’s parabolic price rise occurs when the whales gradually reduce their holdings, and retail investors absorb the selling pressure from the market.
Previously, Cointelegraph reported that Bitcoin whale accumulation is currently similar to its 2020 trend. The Bitcoin whale ratio on spot exchanges had matched its previous high from 2020, with whale wallets accumulating over 1.5 million BTC over the past six months.
Related: Bitcoin whale accumulation mirrors 2020 trend where BTC rallied 550%
Bitcoin reclaims $67,000 as ETF inflows turn positive
On Oct. 22, Bitcoin ETF flows registered its first net negative of $79.1 million in two weeks after BTC prices dropped 3% a day prior. While the community expected a cooldown period from the institutions, data shows ETF inflows surging to $192.4 million on Oct. 23.
The positive inflows were observed on a negative daily candle for BTC, which inferred continued bullish sentiment from institutions regardless of short-term declines.
Meanwhile, Moustache, an independent crypto analyst, shed light on Bitcoin’s golden moment indicator, which recently turned bullish.
The analyst claimed that the indicator has successfully called the beginning of a bullish leg four times in the last four years, making it a reliable tool.
Bitcoin golden moment indicator chart by Moustache. Source: X.com
From a technical perspective, Bitcoin has managed an immediate recovery above $67,000 after exhibiting a V-pattern from the first orderblock or demand zone.
As reported by Cointelegraph on Oct. 23, the most bullish scenario for BTC was an immediate jump from $64,500 after the crypto asset mirrored July’s ‘fractal’ pattern.
Bitcoin 4-hour chart. Source: Trading View
At the moment, BTC’s price action is playing out as expected, but further bullish confirmation will be attained after a daily candle move above the overhead resistance at $67,800.
Related: How low can the Bitcoin price go?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
