Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate

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As a seasoned crypto investor with more than a few battle scars from past market cycles, I find myself cautiously optimistic about the current state of Bitcoin (BTC). The whale accumulation phase, as highlighted by BaroVirtual, is indeed a promising long-term indicator, but history has taught us that such phases can also be deceptive calm before the storm.

As a crypto investor, I’ve noticed that Bitcoin (BTC) is bouncing back following a short-term price drop this week. Even amid these market swings, there are some positive long-term perspectives on whale activity to consider, as shared by BaroVirtual, a CryptoQuant analyst.

As per the analysis, it’s been found that large Bitcoin holders (often referred to as ‘whales’) currently possess around 670,000 Bitcoins – the greatest amount ever documented. This buildup of Bitcoin by whales is interpreted as a bullish sign for Bitcoin’s future prospects.

Whale Continues Accumulation

BaroVirtual points out that when whales amass large amounts of Bitcoin, it usually leads to the crypto staying in a flat trading range or experiencing minor price drops. However, this period of accumulation frequently signals an upcoming surge in Bitcoin’s worth.

The expert referred to this period as “the tranquil preceding the turbulence,” hinting that a significant price jump might soon occur, given that large investors (whales) seem to be slowly offloading their Bitcoins. This trend, in the past, has often been followed by long-term price escalations for Bitcoin.

BaroVirtual cautioned about possible hazards linked to the impending U.S. presidential elections, pointing out that if Bitcoin doesn’t reach a new peak by the elections and extends until late November, this could indicate underlying problems within the current growth phase. The post on CryptoQuant QuickTake platform stated:

In simpler terms, if the record-high price in the US stock market during the period between the U.S. presidential elections and November 28 (give or take 21 days) does not change, it could suggest significant issues within the ongoing bull market, and the situation might become quite unfavorable.

Bitcoin Market Performance And Outlook

Concurrently with these advancements, Bitcoin has experienced a price surge after a recent drop that occurred following its effort to surpass the $70,000 threshold on Monday. Post the adjustment, Bitcoin is currently being traded at $67,658, signifying a 2.4% growth over the past day.

The current price rise corresponds with technical indicators suggesting a possible prolongation of the upward trend in Bitcoin’s market. Notably, a prominent cryptocurrency analyst named CryptoBullet has pointed out on his platform that Bitcoin’s MACD line (Moving Average Convergence Divergence) has moved into a bullish position for the first time since October 2023.

CryptoBullet pointed out that this trend resembles Bitcoin’s price movement in 2021, where a rapid upward spike was followed by a mid-term adjustment. Unlike the deeper downturn experienced in 2021, the current phase has developed over a longer period but hasn’t been as intense.

The analyst maintains a positive outlook, suggesting that Bitcoin could possibly burst free from its prolonged plateau, potentially reaching a new record price peak.

#Bitcoin Weekly MACD crossed bullish for the first time since October 2023!

Reflecting on the image before me, it stirs a striking resemblance to the market trends in 2021. Much like last year, we witnessed a vertical rally characterized by a peaking MACD line, followed by what appears to be an extended period of mid-term correction. However, unlike the steep and swift downturn experienced in 2021, this time the market seems to be enduring a more prolonged adjustment phase.

Now $BTC is…

— CryptoBullet (@CryptoBullet1) October 23, 2024

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2024-10-25 11:46