CandleFocus

Bitcoin whales scoop up BTC like never before as market eyes new highs

Bitcoin whales scoop up BTC like never before as market eyes new highs
Bitcoin whales, or large holders of Bitcoin, have accumulated a record-breaking amount of 670,000 BTC, according to CryptoQuant. This accumulation is seen as a bullish signal and aligns with historical patterns where whale buying precedes major price rallies. The chart tracking whale holdings from 2015 to 2024 shows a significant increase in recent months, indicating strong interest in Bitcoin by large investors. However, Bitcoin's price has been trading within a steady range, suggesting a sideways trend for now. The accumulation phase suggests a positive outlook for Bitcoin, but if new highs are not reached by late November, it could indicate challenges in the bull cycle.

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