- Large BTC holders are significantly increasing their BTC balance, suggesting renewed buying interest.
- Bitcoin’s trading range between $79,000 and $83,000, supported by institutional endorsements signals a period of stabilization.
- The steady whale accumulation, coupled with institutional confidence, could set the stage for a significant upward price movement.
Bitcoin (BTC) whales are currently on a rampage, changing the course of the market tide at the moment. Data from leading analytics firm, CryptoQuant, showed a strong increased in the number of BTC being bought by large whales (those with 1,000 to 10,000 BTC holdings).
Their actions have led to a bullish sentiment around the cryptocurrency, setting it up for an imminent growth.
Can Bitcoin Whales Influence a New Price Rally?
CryptoQuant data showed that there has been a massive increase in the BTC balance of these whales over the past 30 days. The analytics platform predicts that these whales’ actions could boost other investors’ confidence in the leading cryptocurrency.
BTC’s price dropped by almost 25% from its peak price of $109,000 after tariff wars among leading economic nations, particularly, the US and China. Hence, the fresh buying interest by whales further proves BTC’s worth as a store of value and an investment option.
CryptoQuant stated that the large whales’ BTC balance has been on a steady rise since March 3. However, it noted that this balance doesn’t include BTC associated with mining poos or crypto exchanges.
In addition, the increased investor adoption creates an expectation that a significant price rise could happen soon.
BTC Price Finds Stability Amid Institutional Confidence
After experiencing strong price changes in the last couple of weeks, the Bitcoin price is now displaying signs of stability in the last two days, trading between $79,000 and $83,000.
At the time of writing, CoinMarketCap data shows that Bitcoin price trades at $79,627, down 3.6% in the last 24 hours. Its trading volume is also down by almost 22% at $57.29 billion over the same period.
BTC price chart. Source: CoinMarketCap
Earlier today, Strategy (formerly MicroStrategy) founder and popular Bitcoin advocate, Michael Saylor, tweeted “buy the future,” replacing the ‘b’ with BTC logo. His tweet signifies his and his firm’s continued confidence in the leading digital asset, which will be a boost for other institutional holders of the coin.
Other analysts are also positive that BTC’s current price dip is only for a brief period and a price rally will happen soon.