Swissblock, a crypto analytics firm, is predicting a Bitcoin bull run based on recent on-chain activity. They’re seeing signs that point to a significant price increase.
Massive Bitcoin Outflows
The firm observed a huge outflow of Bitcoin from cryptocurrency exchanges last week – around $16.16 billion worth. This suggests that large investors (whales) and long-term holders are accumulating Bitcoin, reducing the selling pressure in the market. This activity mirrors what was seen in late 2024 before a previous rally. Swissblock describes this as “the calm before the storm.”
Who’s Buying?
Two key investor groups are driving this accumulation:
- Whales: Large investors are significantly increasing their Bitcoin holdings.
- Long-Term Holders (LTH):
Investors who have held Bitcoin for at least 155 days are also accumulating.
Price Predictions
While Swissblock believes a bull run is likely, they suggest Bitcoin might need to break the $95,000 price point to really take off. They also acknowledge the possibility of a minor pullback to around $89,000 before the next upward surge. At the time of writing, Bitcoin is trading at approximately $93,964.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.