TL;DR
- Large Bitcoin investors are accumulating more assets despite recent volatility, which could reduce supply and positively impact the price.
- Analysts predict a strong future rally for BTC, with potential targets between $85,000 and $120,000.
Investing Instead of Panicking
Bitcoin has shown quite a wobbly performance over the past three months, with its price ranging from $50,000 to $71,000. Currently, it trades at around $57,000 (per CoinGecko’s data), representing a 20% decline on a 90-day scale.
According to IntoTheBlock, though, large investors have been unfazed by the enhanced volatility, accumulating more assets during that period. The platform estimated that market participants holding between 100 BTC and 1,000 BTC have been on a buying spree and now own 20.3% of Bitcoin’s circulating supply or more than 4 million assets. The stash is worth more than $230 billion calculated at current rates.
Several days ago, crypto analytics platform Santiment revealed that the number of Bitcoin wallets holding 100 BTC or more has reached 16,120, or a 17-month high. The entity explained that the rise in whale holdings was due to smaller traders “impatiently” selling off their assets to larger players during the recent price declines.
The rising number of large BTC investors could positively impact the price of the asset. After all, accumulating huge amounts of Bitcoin leads to a reduction in the available supply on the market. Fundamental principles of economics dictate that this could be a precursor of a rally assuming demand stays the same or rises.
Whale activities are monitored closely by other market participants. If large investors have activated the accumulation mode on, it can give the impression that they expect the price to rise in the future, which may motivate other investors to jump on the bandwagon, hence inject fresh capital.
BTC Price Predictions
The asset has been the subject of numerous predictions lately, with some analysts envisioning a bright future.
The popular X users Crypto Rover and Titan of Crypto were among the optimists. The former claimed that the BTC bull market is “imminent” based on the Bitcoin halving that took place earlier this year. The event occurs approximately every four years and cuts in half the rewards given to miners for validating new blocks on the network. Historically, it has been a precursor of a major rally for the entire cryptocurrency sector.
For their part, Titan of Crypto forecasted a BTC price explosion to as high as $120,000 in the following months. The trader thinks this is possible due to the high levels of “fear, disbelief, and anger” that have been reigning in the space as of late.
NBA legend Scottie Pippen also made an interesting prediction. He revealed having a dream with Bitcoin’s anonymous creator, Satoshi Nakamoto, who told him that the asset’s value could surge to almost $85,000 on November 5, 2024.
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