Bitcoin’s price has swiftly rebounded above $67,000, surging by 3% after reaching a low of $65,200. Despite the recent decline, the metric that tracks long-term Bitcoin accumulation sentiment remains unchanged as BTC whales’ holdings reach new record highs.
BaroVirtual, a verified Bitcoin researcher on CryptoQuant, pointed out that the current whale holdings have reached a new all-time high of around 670,000 BTC. The chart shows a consistent upward trend in 2024, with whales surpassing their previous ATH holdings from 2020 in July.
Regarding the increase in whale holdings, the researcher stated that it is a positive long-term sign. BaroVirtual also added that when the whale holdings reach a new peak, Bitcoin’s price may often move sideways, but it generates more demand during a bull market. This suggests that Bitcoin’s parabolic price rise occurs when whales gradually reduce their holdings, and retail investors absorb the selling pressure.
Previously, it was reported that Bitcoin whale accumulation is following a similar trend to 2020. The whale ratio on spot exchanges has reached its previous high from 2020, with whale wallets accumulating over 1.5 million BTC in the last six months.
Bitcoin has reclaimed $67,000 as ETF inflows turn positive. On October 22, Bitcoin ETF flows recorded its first net negative of $79.1 million in two weeks after a 3% drop in BTC prices. However, ETF inflows surged to $192.4 million on October 23, indicating continued bullish sentiment from institutions despite short-term declines.
Moustache, an independent crypto analyst, highlighted Bitcoin’s golden moment indicator, which has recently turned bullish. The analyst claims that this indicator has accurately predicted the start of a bullish leg four times in the past four years, making it a reliable tool.
From a technical standpoint, Bitcoin has successfully recovered above $67,000 after forming a V-pattern from the first orderblock or demand zone. The most bullish scenario for BTC is an immediate jump from $64,500, following a similar pattern to July’s fractal.
Currently, BTC’s price action is unfolding as expected, but further confirmation of bullish sentiment will be obtained if a daily candle moves above the overhead resistance at $67,800.
Please note that this article does not provide investment advice or recommendations. It is essential for readers to conduct their own research and analysis before making any investment or trading decisions.