As Cointelegraph reported, Bitcoin (BTC) price has quickly recovered to over $67,000, up 3% from its previous low of $65,200. Despite the recent pullback, BTC whales’ holdings have reached a new high, indicating long-term optimistic expectations.
BaroVirtual, a Bitcoin researcher at CryptoQuant, pointed out that the current whale holdings have reached a record high of about 670,000 BTC. Whale holdings have been increasing in 2024 and exceeded the 2020 historical high in July.
BaroVirtual said this accumulation phase is the “calm before the storm” in the medium to long term. BTC prices may move sideways when whale holdings reach new highs, but demand will increase in a bull market.
Previously, Cointelegraph reported that Bitcoin whale accumulation trends were similar to those in 2020, with whale wallets accumulating more than 1.5 million BTC in the past six months.
On October 22, Bitcoin ETF inflows saw a net negative of $79.1 million for the first time in two weeks, but inflows surged to $192.4 million on October 23, showing continued bullish sentiment from institutions.
Independent crypto analyst Moustache noted that Bitcoin’s Golden Moment indicator recently turned bullish and has successfully predicted four bull market starts in the past four years.
From a technical perspective, Bitcoin quickly recovered above $67,000 after the first demand block, and a daily break above the $67,800 overhead resistance would further confirm the bullish trend.
