Crypto analysts have spotted on-chain data suggesting a potential Bitcoin rally soon.
BTC 30-day demand change suggests ongoing Bitcoin accumulation by whales.
Bitcoin whales have set liquidation targets above $70,000.
On-chain data suggests a potential Bitcoin (BTC) rally may be on the horizon, according to several crypto analysts. Whale activity indicates a possible return of Bitcoin to its all-time high, possibly triggering a significant bull run and pushing the flagship crypto to levels once achieved.
A Bitcoin-focused YouTube presenter, known as Crypto Rover on X (formerly Twitter), highlighted a developing scenario involving massive BTC accumulation by crypto whales. The analyst shared on-chain data showing a 30-day demand change for Bitcoin among permanent holder addresses and ETFs.
#Bitcoin accumulation by whales is sky rocketing.The greatest bull market of your life is still yet to come. pic.twitter.com/dyrDXGC0xx
— Crypto Rover (@rovercrc) August 7, 2024
Notably, Crypto Rover’s post reveals a demand spike from permanent holder addresses in July, when Bitcoin traded around the $70,000 region. Such a signal suggests crypto bulls are well-invested in Bitcoin despite the cryptocurrency’s recent decline. Crypto Rover interprets this development as a signal for a potential bull run. He described it as “the greatest bull market yet to come.”
Meanwhile, another crypto analyst on X, TheKingfisher, posted a Bitcoin liquidation trend chart, showcasing Bitcoin traders’ liquidation targets. TheKingfisher’s data suggests Bitcoin whales are anticipating a BTC rally towards $73,000, based on their liquidation targets.
The analyst believes a BTC pump may happen soon and may push the price toward the whales’ liquidation targets. However, he warned users to trade cautiously around the liquidation targets, as hitting the $73,000 price level could trigger a massive squeeze.
Bitcoin recovered from a massive crash that saw the flagship crypto fall below $50,000 for the first time since February. The pioneer crypto pulled back 29%, dropping to $49,577 before embarking on a recovery. BTC has rallied 15% in the past two days, with the price trading for $56,980 at the time of writing, according to data from TradingView
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