Bitcoin price analysis amid whales accumulation
Meanwhile, Bitcoin is trading in a range between $69,400 and $71,500, currently at $70,167, as of writing.
Notably, Bitcoin surged nearly 45% since February 24âs $51,000 to an all-time high of $73,805 on March 14. This happened during the previous whale accumulation.
BTC/USD 4-hour price chart
Therefore, analysts expect Bitcoin to increase in price in the following days if whales continue to bag large amounts of the leading cryptocurrency. Moreover, investors expect the Bitcoin block subsidy halving in April to fuel price pumps moving forward.
From a technical analysis perspective, increased short positions open interest may also cause a short squeeze in BTC to around $75,000 per coin, as reported by Finbold on March 26.
However, cryptocurrencies and Bitcoin are highly volatile assets, navigating in an uncertain market. Investors must be cautious and have a solid investment strategy to avoid significant losses.
