Strong Whale Accumulation as Key Factor Behind Bitcoin’s Recovery; What comes next?

Strong whale accumulation was a key factor behind the recent rally in Bitcoin’s price, according to analysis shared by platform IntoTheBlock on March 26.

The analysis noted that on March 23, large Bitcoin holders added nearly 80,000 BTC to their holdings in their portfolios while the price hovered around the $64K zone. For the platform, this strong accumulation appeared to be a key factor behind Bitcoin’s return to the $70,000 range.

On March 23rd, Large Bitcoin holders added nearly 80,000 BTC to their holdings as the price hovered around $64K. This strong accumulation appears to be a key driver behind Bitcoin’s move back to the $70K range. pic.twitter.com/U8uLFZMZH7

— IntoTheBlock (@intotheblock) March 26, 2024

Renowned cryptocurrency analyst Ali Martinez observed that Bitcoin whales purchased more than 100,000 BTC tokens last week. The amount acquired was worth US$7 billion. What comes next?

In a analysisMartinez highlighted the current price movement of the largest cryptocurrency, emphasizing the crucial resistance zones for Bitcoin to reach new highs.

“The most significant resistance barrier ahead of Bitcoin is between $70,180 and $70,600, where 292,000 address 397,000 $BTC. If BTC manages to break through this barrier, it will likely march towards new all-time highs.”

At the time of publication, the price of Bitcoin was quoted at US$70,162.52, down 0.1% in the last 24 hours.

Bitcoin will test US$80,000 before halving, expert predicts

In a recent move that shook the cryptocurrency market, Bitcoin demonstrated its unwavering strength by once again surpassing the $71,000 price level earlier this week. Michaël van de Poppe, a prominent cryptocurrency analyst, suggested in a shared analysis on March 27 that the market’s largest cryptocurrency is charting a rather optimistic upward trajectory.

In his analysis, Michaël van de Poppe highlighted that Bitcoin could experience a notable increase in its price as it prepares to test the zone between US$75-80 thousand before the Halving, scheduled to take place in April.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.