According to data from Santiment, the price of Bitcoin increased by about 35 percent in January after whales accumulated BTC.
Bitcoin’s price has stabilized around $27,000 after numerous attempts to break above the psychological resistance of $30,000. This could be an opportunity for the crypto asset that appears to be entering the consolidation phase.
Whales Keep Accumulating BTC
Key whale addresses have been accumulating BTC for the past five weeks as the world’s largest crypto-asset falls into recession.
During this time, whales holding 1,000 to 10,000 BTC have accumulated a total of 84,897 BTC. These accumulated BTCs are estimated to be worth about $2.3 billion at today’s prices. This move by whales shows that investors are considering the recent recession in price action as a buying opportunity.
Analyst K33 had previously predicted that BTC has a chance of peaking around $45,000, citing the similarity of the BTC price to its rise in early 2019.
As we come to the middle of May, Bitcoin has not yet been able to break the $30,000 resistance level. However, there is another factor that could potentially act as a catalyst. This factor stands out as the large number of Bitcoin movements in crypto exchanges.
Analyst Ali Martinez observed that over 20,000 BTC have been moved from these platforms in the last 24 hours. According to Martinez, this move shows that investors expect the price to rise.
While short-term prospects for Bitcoin look negative, long-term on-chain indicators point to bullish developments. As stated in Bitfinex’s latest report, the current price action is similar to the early stages of previous bull markets.
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