Bitcoin Whales Hit Record 670K BTC, Signaling Potential Market Shift
- Bitcoin whales hold a record 670,000 BTC, stabilizing the market with reduced risk of sudden price drops.
- Historical data suggests high whale accumulation often keeps Bitcoin prices flat or slightly down in the short term.
- Analysts expect market volatility around the U.S. elections, with potential BTC highs or signs of a weakened bull cycle.
Bitcoin whales possess around 670k BTC, which is the highest level of accumulation in record. Analytical platform CryptoQuant in an X post on Friday suggested that when the whale holdings go high like this, the price of Bitcoin tends to be flat or slightly down.
The data has indicated that Bitcoin price often moves in a specific way during these periods of whale accumulation. In such cases, when big investors purchase BTC in large volumes, the market mostly becomes stable, or experiences a slight downward movement, which analysts connect with whales holdings rather than their sales.
Bitcoin Price Shift Indicators
This behaviour is stabilizing and minimises the likelihood of severe price drops on the market. But as for the real dynamics of the Bitcoin prices, analysts said that the more significant shift occurs when whales start selling their coins. The whales holdings as the percentage of the total BTC supply is decreasing.
Many crypto analysts are now focusing on the next few weeks and especially the period around the U.S. Presidential elections, as well as the first few weeks of November. This period has typically witnessed increased volatility given that Bitcoin either attains its record high or experiences major volatility in this duration.
In other words, if the BTC price does not attempt to climb towards new highs within approximately three weeks of either side of November 28, there could be some underlying problems with the present bull cycle. Such a situation may well suggest that the market is on somewhat shaky ground, thus causing investors to become more cautious and putting pay to any further rise in the market.
Potential Turning Point for BTC
The effects of whales in the market are well understood by the retail and institutional investors who usually use these trends as a way of predicting other market changes. Nevertheless, whale activity remains a significant driver of the Bitcoin market, albeit not the only factor since regulatory change, economic situation, and changes in the investors sentiment impact the cryptocurrencys price. At the time of writing, BTC is hovering around $67,745 and has been up by 1.06% in the last 24 hours.
Source: TradingView
As the record-breaking accumulation by whales begins, the next few months may well be a turning point in the Bitcoin narrative. Those who are observing these trends would probably pay attention to the activities of whales and consider the current accumulation as a sign of an upcoming increase or a potential shift in the bull market.
Read more: https://www.tronweekly.com/bitcoin-whales-hit-record-670k-btc-signaling/
Text source: TronWeekly
