Bitcoin Price Coiling Up as Whales Intensify their Holdings, Will BTC Price Reach $25K Now?
The Bitcoin price in the past couple of days has been extremely bearish as the selling pressure has been dropping the price to a larger extent. The bulls remain distinct as they appear to be waiting for the right opportunity to re-enter and grab the dominance. In the meantime, the BTC price is expected to hold the lower support as the Whales have been constantly accumulating in recent times.
The asset’s price movements have been closely watched and hence a slight variation in BTC price im[acts the entire crypto space. Therefore, with the latest updates of intensified whale accumulation, the asset price is expected to get a wider push very soon. In a recent update by Santiment, Bitcoin Whales have multiplied their holdings, reaching the largest quantity since June 11th.
The amount of #Bitcoin addresses holding between 100 to 10,000 $BTC ($2.3m to $233m) has reached its largest quantity since June 11th. We look to this tier of large addresses as confidence from large active holders, and this increase is encouraging. — Santiment (@santimentfeed) August 18, 2022
The whales holding 100 to 10,000 BTC have intensified their holdings which clearly indicates the trader’s confidence over the rally. Therefore, the price which has dropped below the bullish pattern is expected to regain strength and surge high in the coming days.
The recent price action had compelled the price to test the lower support of the triangle, but the minor bounce since the early trading hours has raised some hopes of a rebound. Therefore, the BTC price is believed to flip from these levels and regain levels above $24,500 at the earliest. Woefully, the recent price trend displays a contrast prediction, yet the increasing whale accumulation point to a diverse trend.
Collectively, the Bitcoin(BTC) price yet again flashes a notable buy signal, as the asset is expected to coil up soon. Therefore, in the coming days, the star crypto is expected to regain the levels above $24,000 initially and quickly bounce back close to $25,000 by the end of the monthly trade.Source