Giant Whales Have Flooded Into This Crypto Asset: A Buying Opportunity?

According to data provided by cryptocurrency analytics firm IntoTheBlock, Bitcoin whales began aggressively buying the largest cryptocurrency after its price recently dropped below the $60,000 level. This points to strong buying pressure from large owners. Wallets holding more than 0.1% of the cryptocurrency's total supply received net flows of approximately 55,000 BTC over the past month.

Earlier today, crypto analyst Ali also said that “early signs” of Bitcoin accumulation have emerged. This assumed accumulation phase would occur after three months of distribution. CryptoQuant's Ki Young Ju recently noted that Bitcoin's boring sideways price action may actually present a good buying opportunity for investors. He also noted that despite the rapidly deteriorating market sentiment, the bellwether coin is still in an uptrend.

On Wednesday, the leading cryptocurrency fell to an intraday low of $59,712. This led leading skeptic Peter Schiff to predict that it would face a much harsher correction.

According to CoinGecko data, Bitcoin is currently trading at $60,373, while the bulls seem determined to maintain the $60,000 level so far.