Airbag for Bitcoin from Whales: What Do Current Data Point to?

Bitcoin whales may be making large purchases, indicating a recovery in price.

Analysts of on-chain analysis platform CryptoQuant examined the current movements of Bitcoin whales. In the report submitted by the analyst, it was noted that whales have started a strong accumulation and the price may make a comeback in this direction.

Examining Bitcoin's UTXO data, the analyst implied that a similar situation will occur in 2023 and that a typical accumulation process may be followed by an increase:

This is a time frame where accumulation whales will likely react to market fear, pointing to a potential V-shaped rise.

UTXO data is an abbreviation for “Unspent Transaction Output” and stands for unspent transaction output. Every Bitcoin transaction consists of one or more inputs and one or more outputs. It is possible to examine whale movements through this structure.

According to CoinGecko data, Bitcoin, which has lost 2% in value in the last 24 hours, is traded at $ 60,850 at the time of writing.