Bitcoin (BTC) whales continue to increase their holdings amid market bloodbath


Bitcoin (BTC) price tumbled below $42,000 to record a new four-month low. The market sentiments have turned red as retail buyer seems to be panic selling. Market analysts have predicted a price bottom at around the $40K mark, but that hasn’t deterred whales from accumulating more Bitcoin amid the market blood bath. BTC made a minor recovery above $42K and currently trading at $42,304 with a 1.78% decline in the past 24-hours.


Bitcoin whales have added over 8,000 Bitcoin in the past 24-hours.Bitcoin

According to the BTC accumulation data by Bitinfocharts top 100 addresses on the Bitcoin rich list (a single address holds between 9,867 and 265,000 BTC), three of them have net increased their holdings of more than 1,000 BTC today.

Bitcoin had a rough bearish patch post-October all-time-high, and as prices continue to tumble to nearly 40% from the top, critics have come out to claim $69K to be market top of the bull cycle. However, looking at the current whale accumulation and the fact that the retail market’s impact on the market has been deteriorating, whales buying should be a perfect indicator of the price momentum.

Crypto analyst predicts $100K price top

A prominent crypto analyst who goes by the name of Credible Crypto released an analysis amid market turmoil yesterday explaining why BTC is yet to hit a market top and why it could be months away at this point. While he acknowledged the point that every bull cycle in history has seen a market top by December followed by a bear cycle, he pointed that looking at the price retraction pattern over the years, the downfall from the ATH never touches the previous cycles ATH. However, currently, if we consider $69K as the market top and expect an average 80% decline it will be lower than 2017 ATH.

He also pointed that with each bull cycle and the new influx of investors the market has become relatively stable so the decline from the top is also retracing. He went on to point that BTC could see another price surge up to $100K before making a retrace.


The post Bitcoin (BTC) whales continue to increase their holdings amid market bloodbath appeared first on CoinGape.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Ethereum Price is about to crash further if THIS happens!

The crypto market is still consolidating after the crypto crash. In the last couple of days, many day traders took advantage of this consolidation and bought cryptos in their respective support areas. For Ethereum, traders worry that prices risk crashing and slipping below the current support area. Will Ethereum crash down or will Ethereum rebound

Monero Is Preparing for a Bull Run; Should You Buy XMR Now?

Monero is a decentralized cryptocurrency that mainly focuses on anonymity during transactions. It has three parts- Ring Signature, RingCT, and Stealth address. The Ring Signature hides the sender, RingCT hides the amount, and the Stealth address makes the receiver anonymous. XMR is the native coin of this network, which is used during the transaction. First,

SEC Files an Extension: How Will It Impact the Price of XRP?

Ripple is a decentralized digital payment platform that runs on RippleNet. Most large cryptocurrencies face issues regarding scalability and slow transactions. Ripple comes with the solution by providing a real-time gross settlement system. It enables transactions to any digital coins. It was created to make the decentralized financial transaction scalable and affordable.  After the US

Illuvium Expands Its Chainlink Integration With Price Feeds

Illuvium recently announced an expansion to its Chainlink Integration by including Price Feeds. With the integration, Illuvium will help users accurately price digital lands whether they are transacting in ETH or sILV2. The land is an integral component of Illuvium Zero. Customers who possess land can create valuable tokens and fuel, and the ERC 20