Bitcoin Whales Buy 1.5 Million BTC in 6 Months: Mega Rally?
Trends over the previous two weeks show Bitcoin under pressure. Despite the September bounce, bulls began October poorly, falling from $66,000.
After falling below $60,000 on October 10, the currency is up at press time, but purchasers must verify they are in control.
Bitcoin Whales Amass 1.5 Million BTC in 6 Months
While fundamentals are regularly followed, on-chain data may predict market direction. One expert writes on Twitter that Bitcoin whales may be accumulating due to low pricing.
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Whales with at least 1,000 BTC have bought 1.5 million BTC in six months. More coins flowing to whales may indicate optimism about the future and purchasing despite market declines.
Bitcoin has fallen since March, when values reached $73,800, deterring traders and reducing anxiety of losing out. Buyers must break the all-time high to change the world's most precious coin's trajectory.
Buyers must clear $66,000, $70,000, and most significantly $72,000 in the short to medium term. Bitcoin may rise with volume, matching whales' excitement and propelling the market.
Demand may rise with inflation and accommodative monetary policy.
Multiple things may influence the coin in future weeks. US inflation is growing, according to market statistics. Trading Economics data reveals inflation jumped to 2.4% last year, defying experts' estimates of 2.3%. Bitcoin and other risky assets do well in inflation.
Besides growing inflation, most central banks are cutting interest rates further. After the September rate decrease, the US Federal Reserve aims to lower fund rates further in the coming months and early 2025.
Related: Bitcoin's Consolidation Phase Prepares for Next Bullish Rally
EU, UK, and Chinese central banks have also lowered interest rates.
Global liquidity increases as cheap money floods the economy, attracting more capital to BTC and other quality assets. Thus, prices will likely follow the Q1 2024 trend.
