Bitcoin (BTC) continues its bull run, steadily renewing its all-time high price (ATH). With this, the cryptocurrency is close to the long-awaited $100,000 mark.
This achievement was driven by strong activity from whales and long-term holders (LTHs), who played a crucial role in BTC’s rally.
Whales accumulate Bitcoin
Whale addresses have been steadily accumulating Bitcoin over the past month, adding 56,397 units worth approximately $5.42 billion. This consistent buying pressure has significantly supported the price action, pushing it to new highs. Whale activity is considered a bullish indicator as these large investors often influence market trends.
This accumulation demonstrates growing confidence among institutional and retail investors. The bullish sentiment supported by whales indicates a strong belief in the asset’s potential to surpass the $100,000 mark.
This behavior adds resilience to the current rally, helping BTC withstand potential market corrections.
Bitcoin Whale Addresses and Accumulation. Source: Santiment
The Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) indicator remains below the Euphoria threshold, suggesting further room for growth. Historically, when LTHs hold significant unrealized profits without reaching the Euphoria peak, the market has additional upside potential.
The indicator shows that LTHs are not taking profits across the board, maintaining their conviction in Bitcoin’s upward trajectory. This is a strong macro signal that supports the continuation of the current uptrend, making the path to $100K more achievable.
Bitcoin LTH NUPL. Fonte: Glassnode
Price prediction
Bitcoin hit an all-time high of $97,864 on Thursday (21), registering a 5.7% increase in 24 hours. This peak reflects the growing demand and market confidence in the asset.
To reach $100K, the cryptocurrency must maintain its bullish momentum and establish $97,864 as a new support level. A successful flip of this resistance into support, combined with whale accumulation and LTH conviction, could push the price to a new all-time high.
Bitcoin Price Analysis. Source: TradingView
However, if profit-taking begins or if whales and LTHs change their positions, a price correction could occur. A drop below $89,800 would invalidate the bullish outlook, potentially delaying Bitcoin’s rise.
The article Bitcoin (BTC) Forecast: What to Expect After Price Hits New ATH? was first seen on BeInCrypto.
