The Whale Data That Took Bitcoin to the Top in 2020 is Repeated: Is the New ATH Near?

Analysts of cryptocurrency exchange Bitfinex touched on the possible impact of Bitcoin whale activity on the price.

In a recent note shared by Bifinex analysts, Bitcoin whale activity was included. Noting that whales continue to rapidly accumulate Bitcoin, analysts emphasized that this data has reached the peak of the last 2 months.

While it was stated that the same situation had occurred before in 2020, it was stated that the whale activity in that period was enough to push the price to the top:

Adding another layer to this bullish sentiment, Bitcoin 'whales' are also accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run. This accumulation, which reached the highest level in the last two months, led to a new historical peak in Bitcoin balances.

Several catalysts could move the price up

Looking towards the future, analysts argued that spot Bitcoin ETF transactions and long-term investors will create buying pressure and that interest rate cut expectations will revive the cryptocurrency market:

Looking ahead, several factors could potentially reignite Bitcoin's upward trajectory. These include an increase in average daily ETF buying activity, a decrease in selling pressure from long-term holders, and an increase in liquidity that could be triggered by an expected interest rate cut.