Arman Shirinyan
Although Bitcoin’s price fluctuates without support, whales continue to accumulate more leading cryptocurrencies
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Bitcoin has been in the midst of a storm lately and its price has seen significant volatility. The current market price for bitcoin is $29,072 and appears to be floating with no immediate support as the 50 exponential moving average (EMA) has broken and the 200 EMA is well below.
However, an interesting development has caught the attention of market analysts: Bitcoin whales, those who hold large amounts of Bitcoin, continue to accumulate more of the leading cryptocurrency. They are doing so despite the current market turmoil and are not yet taking any steps to lock in their profits.
Source: TradingView
Data from IntoTheBlock’s Balance by Holdings indicator, which measures the total volume of cryptocurrency held by a select group of addresses, suggests that Bitcoin whales are bullish on the token’s future. This continued accumulation indicates positive market momentum, suggesting that these big investors are anticipating a price surge to come.
Furthermore, the next bitcoin halving is expected to occur in 2024 and based on historical trends, we can expect a new market cycle to begin. The halving event, which reduces the reward for mining Bitcoin blocks by 50%, has previously triggered significant price increases. Bitcoin whales’ accumulation behavior could be a strategic move to prepare for the next post-halving bull market.
This continued accumulation by whales underscores the fact that even amidst market uncertainties, large investors are betting on Bitcoin’s long-term potential. However, retail investors should exercise caution and be aware that the cryptocurrency market is characterized by high volatility and investments should always be made based on thorough research and risk tolerance.
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