CandleFocus Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC?
2024-10-27
Author: Content Editor
According to analysts, the accumulation of Bitcoin by whales has reached a new record high at 670,000 BTC. This accumulation is seen as a positive sign for the market as it helps to stabilize prices, making them less volatile. Additionally, the accumulation phase suggests that whales have a long-term outlook on Bitcoin and do not have immediate plans to sell their holdings. However, analysts note that the "real" growth in Bitcoin typically occurs after whales reduce their holdings and a negative percentage change is reached. The upcoming US presidential election is also expected to have an impact on Bitcoin prices, with some investors predicting an upsurge and a potential price of $80,000 by November.
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