Whales Hit All-Time High Bitcoin Holdings At 670,000

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Analysts said so Bitcoin prices It could decline a bit in the short term as whale accumulation reaches a new record high.

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

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Impact of whale accumulation

Cryptocurrency analysts said one positive effect is that whales buy large amounts of cryptocurrencies Bitcoin Does it help stabilize the market? As a result, the price of the cryptocurrency may fall slightly or become more stable.

Reducing the volume of Bitcoin on the market may make prices less susceptible to fluctuations. Previously whale With accumulations, it is observed that the BTC price usually behaves in a certain way, where in most cases, the BTC price becomes flat or decreases slightly.

This period of Bitcoin accumulation could also indicate that whales have no immediate intention of selling their digital assets. This could be an indication that whales are looking to profit from Bitcoin in the long term, so the accumulation phase is a strategic move.

BTCUSD is trading at $66,882 on the 24-hour chart: TradingView.com

The real indicator of Bitcoin growth

CryptoQuant said the accumulation of whales could be considered the “calm before the storm” in the long term, saying that Bitcoin prices move sideways or see a moderate decline during the accumulation phase. However, CryptoQuant noted that there is no doubt that this is an “optimistic sign” in the long term.

The “real” growth in Bitcoin occurred after whales decided to dump their holdings and reached a negative percentage change value, the cryptocurrency analyst said.

According to CryptoQuant, Bitcoin price movement during the accumulation phase usually set the stage for significant growth in Bitcoin.

“Historically, after whales reduce their holdings and a negative change percentage is reached, a strong rise in Bitcoin prices often follows,” CoinNess Global said in a post.

The US election could be a factor

Analysts said that whale activity is the main driver in the cryptocurrency market, however, they said that the price shift in BTC depends solely on whales since several factors have an impact on Bitcoin prices, and US presidential elections He is one of them.

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Many Bitcoin analysts are looking forward to the US national elections, which could be a defining moment for the cryptocurrency market. This is a presidential election where crypto-friendly policies were a key part of the candidates’ political agendas.

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

Featured image from Harbor Breeze Cruises, chart from TradingView

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