Bitcoin whales are raking in as much BTC as they can get following a decline putting the asset in a bearish light. In a detailed report by Barron, Bitcoin whales accumulation of BTC has peaked, surpassing the level witnessed last September. With the asset still maintaining slight moves under $40,000, the accumulation phase might be here to stay. The firm also noted this as a possible reason why the Bitcoin market is stable as the asset stares further decline in the face.
Bitcoin whales are attempting to push BTC price high
According to a detailed analysis carried out by GlobalBlock’s Michael Sotiriou, the general perception among retail investors continue to be bearish. The analyst noted that the Bitcoin whales’ wallets were receiving more BTC in the last few months. Sotiriou pointed out that the Bitcoin whales are upbeat about the potential of the asset despite it climbing down from one of the most important price levels in the market.
Sotiriou also noted that the last Bitcoin whale rush in September affected Bitcoin’s price drastically in November 2021, pushing it as high as possible. He is of the school of thought that the whales are attempting to repeat what happened to trigger another Bitcoin price surge. Notably, the price of Bitcoin hit an all-time high at $70,000 before the asset gave in to the bears.
More investors predicted to enter the market
Bitcoin has been confined between the $38,000 and $40,000 price mark in recent times. In another metric posted by IntoTheBlock, small-scale investors have also been lending a helping hand to push the asset’s price. This is evidenced by the increase in the balance on their wallets. For example, there has been a significant 2.18% increase in the wallets holding up to $380 worth of Bitcoin. Meanwhile, wallets holding about $3,800 have also witnessed a drastic rise of about 2%.
This shows that opposed to what Sotiriou said, small investors play their part in pushing the asset. Should the market not show a real turnaround in the coming days, there are signs that the investors are ready to pull in more weight behind it. One reason this is achievable is that investors are mostly interested in entering the market when the price of the tokens is falling. It is no different with the Bitcoin market. It will also be a good time for investors who want to hold BTC for a long time. However, Bitcoin has been mirroring the trades of traditional markets, which means that traders need to study the market before choosing to jump into it.
Source: https://www.cryptopolitan.com/bitcoin-whales-accumulate-btc-price-undr-40k/