Sharks and whales Bitcoin Relentless in accumulating major cryptocurrencies though Price action is not impressive. These categories of investors are seen to have increased their positions in Bitcoin in the past five months. This is undoubtedly bullish for the Bitcoin ecosystem and could soon impact the price of Bitcoin.
Bitcoin investors have bought 154,560 Bitcoin in the past five months
On-chain analytics platform Santiment unveiled at X (formerly Twitter) mail Which Bitcoin wallets Owning at least 10 BTC has added an additional 154,560 BTC in the past five months. The platform noted that this purchase is important because it is one of the “most important leading indicators in the cryptocurrency space” when it comes to it Bullish signals For main encryption.
saint He also mentioned that cryptocurrencies rise as these Bitcoin wallets accumulate and that an extended bear market occurs when they unload their holdings. This means that Bitcoin And other cryptocurrency tokens could rise soon enough, with these Bitcoin investors currently adding to their positions.
These whales are typically known to have a significant impact on the market as their purchases can lead to a significant rise in Bitcoin prices. At the same time, the continuation of this cumulative trend is crucial, as… Glassnode on-chain analytics platform It was suggested that Bitcoin failed to hold above $70,000 due to lack of demand for the flagship cryptocurrency.
As such, these Bitcoin investors can help drive demand for Bitcoin if they can maintain this accumulation trend. Bitcoin is expected to finally reach a level Successful breakout above $70,000 As this happens.
the On the chain CryptoQuant analytics platform It also recently provided a bullish outlook for Bitcoin. a Market analysis On the platform, I noticed a noticeable increase in the number of new Bitcoin accumulator addresses participating even though the major cryptocurrency did not record any significant rise in its price over the past month.
Bitcoin is still far from its peak
In another Blog post On the CryptoQuant platform, cryptocurrency analyst Tarekonchain stated that Bitcoin is still far from its peak. This statement was based on MVRV (Market Value to Realized Value) The indicator, which the analyst claimed gives “a very accurate alert of Bitcoin price peaks and troughs.”
According to Tarekonchain, an MVRV value below 2 indicates an ongoing accumulation zone, meaning Bitcoin is still undervalued. He added that Bitcoin only begins its path to a new peak when… MVRV value Exceeds 2. It is revealed that MVRV value It currently stands at 2.3, indicating that there is still room for Bitcoin's price to rise significantly before it reaches its fair value.
The price of Bitcoin is said to have reached its peak Previous courses When the MVRV indicator reached a value of 3.5 or higher, proving that the main cryptocurrency is still far from its peak in this uptrend. Tarekonchain predicted that Bitcoin could still achieve a new high in this cycle Maybe it goes above $100,000.
Featured image from Pexels, chart from TradingView
