Bitcoin’s latest news shows that large investors are increasing their stakes. rebound to over $63,000 today. Market watchers are taking notice. However, key data on the blockchain suggests that Bitcoin whale accumulation, and the reactivation dormant Wallets, may be indicators for an upcoming super price surge.
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Ki Young Ju (founder of CryptoQuant) pointed out that Bitcoin was flowing more into custody wallets. These are typically used for long-term, safe storage by institutions. This increase in Bitcoin indicates that the big players are preparing for what they think could be a major move.
Whales are gathering #Bitcoin.
Six accumulation alerts within a week. Inflows from the custody wallet are the main source.
Bitcoin’s bull market is in full swing. pic.twitter.com/DE0A1Khhus
— Ki Young Ju (@ki_young_ju) September 18, 2024
Dormant Wallets Revive
Recently, the trend has been to revive inactive Bitcoin wallets. Binance made a profit of $6.89 Million by transferring 203 BTC valued at $12.18M from wallets inactive for over a year.
Second wallet is now available unused for over a decadeThis is a. It contains 146 BTC. It would amount to 8,09,000,000 dollars today. The price of the item in 2013 was only $80,257. This is a 9,985% jump.
The accumulation of whales signals long-term optimism
Accumulation patterns follow recent Bitcoin prices rallies, fueling speculation that whales wait for even higher prices. Ju’s insights suggest that even though Bitcoin has been volatile since March 2024, institutional investors still have faith in its future.
Bitcoin’s price has increased from $58,909 in September to $59,530. It fell to its lowest point at $53,940 briefly on the 6th of September, but it was pushed up by the intense pressure exerted by whales.
Techni-cal Indicators: Expected Gains
What is the price of Bitcoin to $63,637 The technical indicators have now shown that the price has a strong potential for upward movement. A crossover in the near future between the Exponential Moving averages of 50 days and 200 days points to a positive trend.
The RSI is currently at 46.79 which means that the market is not yet overbought. This indicates there is plenty of room for price increases without it becoming too stretched.
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The market is volatile when wallets are inactive
The bullish mood is boosted by the stabilization of Bitcoin above the 0.5 Fibonacci Retracement Level at $56,688.42.
It is possible that activating dormant Wallets will also increase the market volatility as a result of an increased supply. Ceffu is a crypto asset manager that recently moved massive amounts of Bitcoins, Ethereums and other cryptocurrencies to Binance. The move sparked speculations regarding long-term owners selling their holdings.
Chart from TradingView, Featured Image from Pexels
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Source: www.newsbtc.com