Data from various analyses indicates that Bitcoin could pop up soon, as several analysts in the cryptocurrency domain pointed out. The activity of whales shows a possible retest of Bitcoin at its historical high and leads to a massive bull market possibly shooting the number one crypto asset past its all-time high.
Notably, an influencer, known as Crypto Rover on X (previously, Twitter) pointed to the emerging scenario where BTC whales began to stack the number of Bitcoins. He presented information on the 30-day change in demand for Bitcoin among permanent holder addresses and ETFs. More so, the Crypto Rover post showed that permanent holder addresses were active in July when Bitcoin was trading at around $70,000. Such a signal indicates that crypto bulls are well-connected in Bitcoin despite the recent decline. Crypto Rover analyzes it as a bullish sign for the beginning of a bull market and calls it “the biggest bull market yet to come.”
Also Read: Bitcoin massively drops in value partly due to a Global Market Crisis
Analysts Predict a BTC Surge Based on Whale Activity
At the same time, another trader from the X chain, TheKingfisher, shared a chart with Bitcoin traders’ liquidation objectives. Based on TheKingfisher data analysis, the Bitcoin whales are preparing for the BTC price to rally to $73,000 because of their liquidations. The analyst deduced that a BTC pump could happen soon enough, possibly taking the cost to the whales’ liquidation targets. Still, he said investors should be careful during trading, especially near the liquidation targets, as getting to the $73,000 mark could see a big squeeze occur.
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Source: Kingfisher/X
Cryptocurrencies such as bitcoin have been volatile recently after the market’s leading currency plunged below $50,000, an area it has not traded since February. A 29% correction for the flagship crypto coin saw it trade at $49,577 before turning the corner. Since the decline, BTC has risen by 15% in the last two days, with the current price of $56,980 as of the time of writing.
In conclusion, on-chain data and whale activity indicate a potential Bitcoin rally, with analysts predicting a significant bull run. As always, traders are advised to exercise caution and rely on credible data to navigate the volatile market.
Also Read: Samson Mow Predicts Bitcoin to Hit $1 Million Despite Recent Crash
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.