Despite the situation of the cryptocurrency/Bitcoin markets, whales, investors, and holders seem to be seeing far beyond the present situation. BTC whale action has peaked at a new local high, recovering from the crash in the past few months.
Bitcoin Whales Number Peaks 15.8k, Possible Accumulation
A cryptocurrency analyst platform, Santiment, has revealed that the number of BTC whales and holders peaked at a local high of 15,800. There are predictions that whales and prominent investors are seeing a possible bullish rally in the markets.
Accumulation of Bitcoin may likely trigger or cause the bull rally to happen soon. According to Santiment, whales and investors on the BTC network have surged drastically since June to over 15,000. Most of these larger holders have accumulated between 100 – 10,000 Bitcoins in their wallets.
There are predictions that the recent rebound made by BTC in July we’re triggered by the increasing whale numbers and actions. Following the market crash in May, the market fluctuated with no significant movement in June. BTC made an entry into July, trading below $20,000.
Bitcoin set on a reclamation journey in July and created a rally on the 18th, which soared BTC above $20,000 and bullied other altcoins. Although the rally ended abruptly after 24 hours, the currency has built a strong support level around the $22,000 zone.
July was regarded as the best month for BTC in 2022, with an over 20% rebound seeing the total crypto markets cap above $1 trillion. Whales and investors are speculated as the key player in the price rebound in July.
High Accumulation, Possible Predictions/Future For BTC
Technical analysis of BTC charts shows that BTC has fallen below the increasing wedge on the 50 days MA level. Experts and traders predict that BTC may keep fluctuating/trading around its current price.
Possible BTC may correct with the downtrend and set in a reversal; if this happens, BTC value may pump back to its value in January 2022. The winter season in the markets will be over, and summer will set in.
The world’s largest and most adopted cryptocurrency, Bitcoin, is over 60% down from its all-time highs of $69k in November 2021. The market price for the currency has been fluctuating and consolidating at a point below the $26,000 price zone for the past few months. BTC movement has also been a cause of the winter period in the cryptocurrency markets.
The crypto market’s mover currency crashed in May, causing almost all Altcoins to follow suit, reducing the crypto market’s cap. Although the currency seems to be on a reclamation move, it still trades below the $26k resistance zone.
Despite the resistance, whale activity has increased, reaching a new high. If holders keep accumulating the coin, BTC may gain more momentum to break the $26k resistance zone and continue its rally.