Bitcoin BTC broke through the historical high of $73,777 and then went sideways for three months. Whales bought heavily. Is the market about to counterattack?
On March 14, 2024, the price of Bitcoin soared to $73,777, breaking the peak record of the previous bull market of $69,000 and setting a new record for the highest price of Bitcoin since its birth!
Subsequently, Bitcoin experienced a round of price correction, falling to a minimum of $56,000. Since then, 91 days have passed, and Bitcoin has neither set a new high nor hit a new low, indicating that the market has entered a three-month sideways consolidation period.
After three months of intense consolidation, many investors have lost patience and a large number of retail investors have been forced to exit the market. Although the price of Bitcoin has been as high as more than $65,000, many people believe that "this is no longer a bull market" or "the bull market is over." These views show their lack of understanding of the characteristics of bull and bear markets.
On June 7, the price of Bitcoin dropped from $71,650 to about $69,000, with the inflow of Bitcoin whale accounts ranging from 1,300 to 2,200 coins on that day. In the following days, the price of Bitcoin further bottomed out, and a huge inflow was recorded on June 11, reaching 20,600 Bitcoins transferred to the whale accumulation address.
It is incredible how these whales absorbed a large amount of low-priced chips from retail investors in more than 90 days!
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