Bitcoin (BTC) price fell by 1.66% in the last day after failing to cross the $102,000 level on Friday. Right now, the cryptocurrency market leader appears to be in a state of consolidation, with little sign of its next price movement. However, recent whale activity has indicated a continued upward trajectory.
Bitcoin whales are confident of the future rally as accumulation levels rise
In a Quick post on SaturdayCryptoQuant analyst Darkfost highlighted recent Bitcoin whale activity in relation to certain price levels.
The famous cryptocurrency expert stated that market whales, i.e. investors with more than 1,000 BTC, have now consistently increased their BTC accumulation when prices fell between $95,000 and $99,000. Darkfost’s observation can be supported by recent data shared by fellow analyst Ali Martinez I mentioned Bitcoin whales bought 20,000 Bitcoin, worth more than $2 billion, after the asset suffered a sudden collapse on Friday.
Interestingly, a CryptoQuant analyst says BTC whales showed a similar accumulation pattern when the asset traded in a range between $55,000 and $70,000 for more than eight months before embarking on its most recent bull run in November.
Therefore, an increase in whale holdings at $95,000-$99,000 could turn this price range into a strong support area that drives another price rise in the short to medium term. According to data from CryptoQuant, Bitcoin whale holdings are now just under 12 million BTC, a strong bullish signal indicating growing interest and market confidence.
Parabolic rise for BTC?
In other developments, cryptocurrency analyst Burak Kesmeci said And he prophesied The incoming parabolic rise of Bitcoin is tied to a certain condition. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci was able to identify two important price points for the larger cryptocurrency. That’s $100,000, which Bitcoin has already achieved, and $125,000.
As the name suggests, BGRM is a trading tool that compares the price of gold to the price of Bitcoin. It is used to evaluate the relative performance of BTC as a store of value against gold and can identify significant levels of resistance and support.
According to Kesmeci, BGRM highlights the $125,000 level as a critical price level and a potential threshold for further upward movements. By surpassing this price area described as a “second potential bull rally,” Bitcoin is likely to see parabolic price gains based on historical data.
At the time of writing, BTC is now trading at $100,130 after a 0.50% gain in the past day. However, the daily trading volume of the asset fell by a staggering 56.67% and was valued at $47.51 billion.
Featured image from ZDFheute, chart from Tradingview
Comments are closed, but trackbacks and pingbacks are open.