Emily Walker
Bitcoin remains in the spotlight as traders anticipate a surge past the $100,000 threshold. This speculation has led to a notable increase in trading activity, particularly among large holders of the cryptocurrency. Recent on-chain data reveals that these “Bitcoin whales” have acquired more than 40,000 BTC in just 96 hours, indicating strong buying interest.
This notable accumulation aligns with Bitcoin reaching a recent high of $99,645 within the last day, reinforcing expectations of a potential historic price achievement.
Analyzing Bitcoin Whale Trends
The recent fluctuations in Bitcoin prices have drawn attention to large holders, with analyst Ali Martinez highlighting their activity on the social media platform X.
According to data from Santiment, these Bitcoin whales have collectively purchased over 40,000 BTC valued at around $3.96 billion in the past few days. This group specifically includes wallets containing between 100 and 1,000 BTC.
This noteworthy accumulation occurs at a pivotal moment for Bitcoin, as it hovers close to the much-anticipated $100,000 milestone. Historically, such activity from whales tends to limit the supply of Bitcoin available in the market, which could lead to continued upward pressure on prices.
Despite the surge in whale acquisitions, on-chain analytics from Glassnode indicate that long-term holders are also capitalizing on profits, with over 128,000 BTC sold since early October.
Nonetheless, this selling by long-term holders appears to be countered by strong demand from US Spot Bitcoin ETFs, which have absorbed nearly 90% of these sales.
One possibility is that long-term holders are moving their Bitcoin into Spot Bitcoin ETFs for regulatory benefits. Data from SoSoValue indicates these ETFs saw an impressive influx of $3.38 billion last week, marking the largest weekly inflow since their inception in January 2024.
Future Projections for Bitcoin Price
Looking forward, the Bitcoin price trajectory suggests a likely breakout above $100,000 in the coming days. However, the aftermath of this breakthrough remains uncertain, as highlighted by crypto analyst Tony Severino, who predicts the price could double within two weeks to two months post-breakthrough, drawing parallels to Bitcoin’s performance after exceeding $10,000 in 2017.
Conversely, experienced analyst Peter Brandt warns of potential selling pressure among investors once Bitcoin surpasses the $100,000 mark. He noted a scenario where investors may sell their positions below this threshold, mistakenly anticipating a correction that may not happen.
Regardless, the current crypto market conditions appear favorable for sustained price growth for Bitcoin in the weeks and months ahead.
Featured image from DALL-E, chart from TradingView