Analysts said that Bitcoin prices could drop slightly in the short term as whale accumulation reached a new record high.
Whale’s Bitcoin holdings have reached 670,000 BTC, the largest accumulation of the digital currency in history.
Crypto analysts said that one of the positive impacts of whales buying large volumes of Bitcoin is it helps stabilize the market. As a result, the crypto’s price could go down a little bit or become more stable.
Reducing the volume of Bitcoin in the market could possibly make prices less susceptible to volatility. In previous whale accumulations, it was observed that BTC price usually behaves in a specific way, in which on most occasions, BTC goes flat or slightly decreases.
This period of BTC accumulation could also signal that whales have no immediate intent to sell their digital assets. It might be an indicator that whales are looking at capitalizing on Bitcoin in the long term so the accumulation phase is a strategic move.
CryptoQuant said the whale accumulation could be seen as the ‘calm before the storm’ in the long term, saying that Bitcoin prices move sideways or experience a moderate fall during the accumulation phase. However, CryptoQuant noted that there is no doubt that in the long run, this is an ‘optimistic sign.’
Whales’ holdings are at an all-time high
“Whales currently hold around 670,000 $BTC, which is the highest value ever. Undoubtedly, this is an optimistic long-term sign.” – By @BaroVirtual
Full post https://t.co/MoFLpZ3Rmh pic.twitter.com/7esCP6fVBE
— CryptoQuant.com (@cryptoquant_com) October 24, 2024
The crypto analyst said that the ‘real’ growth in Bitcoin happened after the whales decided to dispose of their holdings and reached a negative percentage change value.
According to CryptoQuant, Bitcoin’s price movement during the accumulation phase usually paved the way for significant growth in BTC.
“Historically, after whales reduce their holdings and a negative percentage change is reached, a strong surge in Bitcoin prices often follows,” CoinNess Global said in a post.
Whales hold record 670K BTC, analysts expect possible surge
According to CryptoQuant analyst BaroVirtual, whales currently hold approximately 670,000 Bitcoin (BTC)—the highest level on record. Analysts suggest this accumulation phase, marked by Bitcoin’s sideways trend or…
— CoinNess Global (@CoinnessGL) October 24, 2024
US Elections Could Be A Factor
Analysts said that whale activity is a key driver in the crypto market, however, they said that a price shift in BTC does solely rely on whales since several factors have an impact on Bitcoin prices, and the US presidential election is one of them.
Many Bitcoin analysts are looking ahead to the US national election, which could be a defining moment for the digital currency market. This is the presidential election wherein crypto-friendly policies have been a key part of the candidates’ political agendas.
However, some investors are betting that no matter who wins the coveted seat in the White House, Bitcoin price will experience an upsurge and potentially hit $80,000 by November.
Featured image from Harbor Breeze Cruises, chart from TradingView
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