Bitcoin’s big players, the “sharks” and “whales,” have been quietly accumulating the cryptocurrency despite its recent lackluster performance.
Whales and Sharks Buy 154,560 BTC in 5 Months
According to Santiment, a crypto analytics firm, Bitcoin wallets holding at least 10 BTC have added 154,560 BTC to their holdings in the past five months. This is a significant purchase, as it’s a key indicator of bullish sentiment in the Bitcoin market.
Whales’ Impact on Price
These whales can have a major impact on Bitcoin’s price. Their large purchases can trigger significant price increases. If they continue to accumulate, it could drive up demand for Bitcoin and push its price above $70,000.
CryptoQuant’s Bullish Outlook
Another analytics firm, CryptoQuant, also has a bullish outlook for Bitcoin. They’ve noticed an increase in the number of new Bitcoin accumulation addresses, even though the price hasn’t moved much lately.
Bitcoin Still Undervalued
According to crypto analyst Tarekonchain, Bitcoin is still far from its peak. He uses the MVRV indicator, which measures the ratio of Bitcoin’s market value to its realized value. When MVRV is below 2, it indicates that Bitcoin is undervalued. Currently, MVRV is at 2.3, suggesting there’s still room for growth.
Conclusion
Bitcoin’s big investors are bullish and accumulating. If they continue to buy, it could drive up demand and push the price above $70,000. However, Bitcoin is still below its peak, and analysts predict it could reach even higher levels in this bull run.
