Whales Go on a Shopping Spree
Bitcoin whales, those with deep pockets, have been on a buying frenzy, snapping up billions of dollars worth of Bitcoin (BTC) every time the price dips. Recently, as BTC dropped towards $60,000, these whales pounced, spending a staggering $6.3 billion in a single day.
Whales Accumulate, Smaller Investors Sell
Thomas Fahrer, co-founder of Bitcoin company Apollo, discovered that whales were buying heavily while smaller investors were selling. In a 24-hour period, whales with over 1,000 BTC on hand purchased 8,953 BTC, worth $6.3 billion. This adds to their weekly accumulation of 12,058 BTC, or nearly $9 billion.
Bullish Indicator: Whales Accumulating
This whale accumulation trend is seen as bullish for the price of BTC. It suggests that large investors believe in its long-term value and are buying up tokens while they’re relatively cheap.
TD Sequential Buy Signal
Adding to the bullish sentiment, crypto analyst Ali Martinez has identified a buy signal on the Bitcoin chart using the TD Sequential indicator. This indicator has accurately predicted BTC price movements in the past.
Potential New Highs
If the TD Sequential holds true, Bitcoin could reach a new all-time high above $74,000. Currently, bulls are fighting to keep BTC above $70,000, with a 12.22% increase in the past week.
