CandleFocus Expert Sees Bitcoin Hitting $300-500K as Whales Ramp up Buying Activity
2024-10-22
Author: Content Editor
Bitcoin reached a multi-month high of $69,500 before retracing to $67,563. This increase in price has led to increased whale activity, with large-scale investors accumulating Bitcoin. These whales buying more Bitcoin is seen as a positive sign for the cryptocurrency and could indicate confidence in its future growth. Additionally, accumulation addresses, which hold at least 10 BTC and have been active for over seven years, now hold over 2.9 million BTC, nearly double what they held in January 2024. This rapid growth marks a shift from previous years and could surpass 3 million BTC by the end of the year. Bitcoin futures open interest has also reached new highs, surpassing previous records. This increased trading activity could contribute to higher volatility in the near future.
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