Bitcoin Whale Holdings Reach Record High, Denoting a Positive Long-Term Signal

As per the latest data, large $BTC holders or whales now own nearly 670,000 $BTC, the biggest amount ever witnessed. As per a popular CryptoQuant analyst “BaroVirtual,” the respective accumulation denotes a noteworthy growth and a positive long-term signal, although it may not rapidly reflect in a price surge. The analyst discussed this development in an exclusive post on the official web portal of CryptoQuant.

Bitcoin Whales See Significant Accumulation, Impacting the Market Dynamics

BaroVirtual pointed out that this substantial accumulation by the Bitcoin whales indicates a positive momentum. Historically, whales (representing the entities holding huge Bitcoin amounts) play a key role in forming the market dynamics. Hence, when the respective holders accumulate Bitcoin, the market inclines toward a consolidation period. During this phase, the price experiences a sideways movement. Thus, the price of Bitcoin may record dips or maintain relative stability. However, the more notable price movements fall in the long or medium term.

As the former cycles pointed out, the real spike in the price of the top crypto token often starts when whales begin minimizing their holdings. As the whales begin offloading assets, the $BTC percentage thereof starts declining. Typically, the market sees huge growth at such a time. This reveals that despite the current lull in the market, an enormous upward trajectory could be looming while whale activity starts to shift.

The Top Crypto Asset May Reach an ATH Near Presidential Elections in the US

The CryptoQuant analyst also highlighted the link between the price performance of Bitcoin and the presidential elections in the US. Usually, Bitcoin is more prone to touch an all-time high between the presidential elections as well as November 28, minus or plus 21 days. However, if Bitcoin does not reach a price peak within the above-mentioned window, there are chances for big problems for the present bull cycle.