Bitcoin continues its record-breaking rally, setting new all-time highs (ATHs) almost every few days. The cryptocurrency recently came close to the anticipated milestone of $100,000.
This achievement was fueled by strong activity from whale investors and long-term holders (LTHs), who have played a pivotal role in pushing Bitcoin prices higher.
Bitcoin Whales Are Accumulating
Whale addresses have been steadily accumulating Bitcoin over the past month, adding 56,397 BTC worth approximately $5.42 billion. This continued buying pressure has provided significant support to Bitcoin’s price action, pushing it to new highs. Whale activity is seen as a strong bullish indicator, as these large investors often influence market trends.
This accumulation shows growing confidence from both institutional and retail investors. The sustained bullish sentiment from whales shows a strong belief in Bitcoin’s potential to surpass the $100,000 mark. This behavior adds to the sustainability of Bitcoin’s current bull run, helping it withstand any potential market corrections.
Bitcoin Whale Addresses and Accumulation. Source: Santiment
The Long-Term Holders Unrealized Profit/Loss (LTH NUPL) has not yet crossed the Euphoria threshold, indicating that there is still room for growth. History has shown that when LTHs have large unrealized profits that have not yet reached the euphoria peak, the market has the potential to grow further.
This indicator indicates that LTHs are not engaging in widespread profit-taking, maintaining confidence in Bitcoin's uptrend. This is a strong macro signal supporting the continuation of the current uptrend, making Bitcoin's path to $100,000 more feasible.
Bitcoin LTH NUPL. Source: Glassnode
Bitcoin Price Forecast: ATH Rising
Bitcoin hit a new high of $97,864 today, posting a 5.7% gain in the past 24 hours. The surge reflects growing demand and market confidence in Bitcoin’s upward trend.
To reach $100,000, Bitcoin must maintain its bullish momentum and establish $97,864 as new support. A successful move from this resistance level to support, combined with whale accumulation and LTH confidence, could take Bitcoin to its historic milestone.
Bitcoin Price Analysis. Source: TradingView
However, if profit-taking begins or if whales and LTH change their positions, a price correction could occur. If the price falls below $89,800, the bullish outlook could be invalidated, potentially delaying Bitcoin's rally to $100,000.
Follow me @TinTucBitcoin #tintucbitcoin #Write2Win #btc #binance #binance
