Whales are distributing or not accumulating more BTC tokens; What comes next?

After the event known as halving that took place on April 20, Bitcoin (BTC) experienced a significant increase in its value and is currently stabilizing in the US$66,000 price zone.

Given the current scenario, large holders of the largest cryptocurrency currently have started distributing or are no longer accumulating BTC tokens, according to an analysis by cryptocurrency expert Ali Martinez on April 23.

Sharing a chart from the Glassnode platform, Martinez highlighted that in his analysis, Bitcoin’s accumulation trend score registered a drop to zero. This action is an indicator that whales are distributing or not accumulating BTC tokens at current levels, as noted by the analyst.

#Bitcoin accumulation trend score has dropped to zero, indicating that whales are distributing or not accumulating $BTC at the current levels! pic.twitter.com/zynub6w9o6

— Ali (@ali_charts) April 23, 2024

Or what come next? Martinez highlighted although the TD Sequential indicator recently issued a sell signal on the 12-hour chart, with Bitcoin facing resistance at the mid-level of a parallel channel. “Use caution, given the history of this indicator. Particularly watch out if $BTC drops below the $65,500 support level,” the analyst warned.

Cryptocurrency analytics platform Santiment also noted that Bitcoin whales, which hold between 1,000 and 10,000 tokens, are supporting growth and have currently accumulated over 266,000 BTC since the beginning of this year.

“The main tier of Bitcoin whales of 1k to 10k $BTC are supporting this increase and have now accumulated an additional 266k $BTC since the start of 2024. This translates to an accumulation of 1.24% of the entire offer. The fans also show a high degree of FOMO,” he wrote.

At the time of publication, the price of Bitcoin was quoted at US$66,117.64, down 0.9% in the last 24 hours.

Experts, such as trader Rekt Capital, suggest that we are witnessing a crucial phase of “post-halving reaccumulation” for Bitcoin, which is expected to last a few weeks before beginning a period of significant parabolic appreciation near the $85,000 zone. according to the Chart. At the time of publication, the price of BTC was quoted at US$66,476.29, up 3% in the last 24 hours.

Rekt Capital highlights that Bitcoin remained stable in the lowest price range, called the “Low Reaccumulation Range”, during this period. “Bitcoin managed to protect the Low Range of the Reaccumulation Range. Because of Bitcoin’s strength in the ~$60,000 low range… It is becoming increasingly likely that Bitcoin has established its main range for the coming weeks,” the trader explained.

This cycle is interpreted by many analysts as a golden opportunity for investors to acquire Bitcoin at a relatively affordable price before a possible rapid and sharp climb.

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.