During Sunday’s low volatility trading, the Bitcoin price shows an insignificant surge of 0.01% to trade at $68,365. The neutral candle shows the buyers are recuperating exhausted bullish momentum after a high-momentum rally since last week. With crypto whales strengthening their grip over this asset, the BTC price gives a decisive breakout from the seven consolidation trends.
Bitcoin Price Shatters 7-Month Consolidation as Whale Activity Soars
According to Santiment data, the recent BTC price recovery is backed by an increasing number of crypto whales. After the Bitcoin correction bottomed at $60,000 on Oct 10, the Whale numbers, holding between 100 and 1,000 BTC, increased by 268. This increase in large holders is typically viewed as a bullish indicator, reigniting the “Uptober” sentiment in the crypto market.
🐳 Bitcoin’s number of whales grew substantially just as its value was bottoming out around $59K on October 10th. Between October 10th and 13th, there was a net rise of +268 more wallets holding between 100-1K BTC, likely playing a part in this bull rally. pic.twitter.com/fPmNpYrjJZ
— Santiment (@santimentfeed) October 18, 2024
Another key factor driving Bitcoin price recovery is the SEC’s approval for Bitcoin ETF options to be listed on the New York Stock Exchange (NYSE). This new crypto-based product is expected to provide the Bitcoin ETF with the necessary liquidity to attract sustainable inflows.
With Bitcoin trading at only 7.5% below its all-time high, this approval could act as a necessary catalyst for BTC price to surpass its previous peak.
BTC Price Signals Key Breakout for New ATH
Over the past seven months, the Bitcoin price has traded sideways, resonating within two downsloping trendlines of a flag pattern. Theoretically, the chart setup is spotted at an established rally, and the temporary counter-trend move allows buyers to recuperate the bullish momentum.
In October, the Bitcoin price prediction showed a sharp reversal from $60,000 to $68,323, accounting for a 14% increase. This upswing also highlighted the price sustainability above the daily exponential moving average (20, 50, 100, and 200), indicating a suitable bullish sentiment for higher recovery.
On Friday, the rising price gave a decisive breakout from the overhead trendline, signaling the end of a 7-months consolidation. If the breakout sustains, the buyers could drive a 22% rally to hit a new high of $82,000.
On the contrary, if the Bitcoin price reenters the flag range, the sellers could strengthen their grip over this asset to push a fresh correction trend.
Frequently Asked Questions (FAQs)
Bitcoin’s 7-month accumulation phase ended after a decisive breakout from its flag pattern, fueled by increasing whale activity and the SEC’s approval of Bitcoin ETF options on the New York Stock Exchange
This surge in whale accumulation is seen as a bullish indicator, signaling renewed confidence in Bitcoin’s potential for further price appreciation.
If the breakout from the 7-month accumulation phase holds, Bitcoin could rally by 22%, pushing the price to a new all-time high of $82,000. However, if the price falls back into the flag pattern, sellers may regain control, leading to a fresh correction.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/bitcoin-price-7-month-accumulation-as-whale-ath/
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