As the Bitcoin price approaches $70,000, whale wallets are accumulating BTC at a rate similar to the period between July 2020 and January 2021, when Bitcoin rose 550%, Cointelegraph reported.

Woominkyu, a certified author at CryptoQuant, said that this historical trend makes investors look forward to a BTC price breakthrough. Whales continue to accumulate BTC in short-term price fluctuations, preparing for "FOMO".

Cointelegraph previously reported that whale wallets have accumulated more than 1.5 million BTC in the past six months, with each wallet holding more than 1,000 BTC.

CryptoQuant CEO Ki-Young Ju said that the average age of new whale wallets is less than 155 days, reaching 1.97 million BTC, accounting for 9.3% of the total supply. The BTC balance of these wallets has increased by 813% year-to-date.

Despite the optimism of whale wallets for the future, long-term holders and miners may create some resistance to BTC prices. Analyst IT Tech said that long-term holders may be stabilizing or taking profits, while short-term holders are turning to accumulation, and the market may absorb any form of selling pressure.