Featured image from Milk Road, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A recent development shows that Bitcoin whales have refused to be deterred by the recent price action of the flagship cryptocurrency. Instead, they have chosen to see it as an opportunity to accumulate more BTC. This move could turn out to be really profitable based on a recent analysis by crypto analyst Ali Martinez.\u00a0 An Increase In Bitcoin Whales Ali Martinez stated in an X (formerly Twitter) post that 46 new entities now hold 1,000 BTC or more, which represents a 3% increase in just two weeks. Data from BitInfoCharts further shows that there are now 1,898 wallet addresses holding this amount of Bitcoin or more. This is significant as it suggests that more people have become bullish on the crypto token despite the recent market correction.\u00a0 Related Reading: Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally These whales no doubt have enough reason to be bullish on BTC, as Martinez\u2019s recent Bitcoin analysis suggests that the tide could turn soon enough. The analyst highlighted in an X post how, historically, price corrections for Bitcoin have \u201cconsistently been followed by further upside gains\u201d in bull markets.\u00a0 As such, he noted that dips like this might offer \u201cstrategic buying opportunities for those looking to capitalize on Bitcoin\u2019s potential growth.\u201d Meanwhile, the Spot Bitcoin ETF issuers have helped contribute to the increase in this figure, considering they have had to accumulate BTC for their respective funds. Data from on-chain analytics firm Arkham Intelligence shows that the world\u2019s asset manager, BlackRock, currently holds over 44,000 BTC for their Bitcoin ETF.\u00a0 BTC price above $40,000 | Source: BTCUSD on Tradingview.com BTC Still Has More Bullish Momentum\u00a0 While many in the crypto community continue to speculate whether the bull market is back, there is reason to believe that BTC’s bullish momentum is not fading anytime soon. In his most recent X post, Ali shared how the next market peak could land around 2025 if Bitcoin is to mirror past bull runs. Going by this projection, Bitcoin is said to have 600 days of bullish momentum still ahead.\u00a0 Related Reading: Is XRP Price At $20 Possible? Crypto Analyst Predicts Stunning Move In the meantime, Bitcoin bulls will have to overcome the selling pressure from Bitcoin whales like Grayscale. The asset manager had to offload a significant portion of its BTC holdings due to the amount of outflows it keeps recording from its Spot Bitcoin ETF. GBTC investors like FTX are reported to be taking profits, considering that the fund had traded at a significant discount to Bitcoin\u2019s price before now.\u00a0\u00a0 At the time of writing, Bitcoin is trading at around $39,000, up in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Milk Road, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":571435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,435,656,679,19064,1119,89185,1122,1144,78790,14781,91338],"class_list":["post-571420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-whales","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-whales","tag-whales-news"],"acf":[],"yoast_head":"\n
Bitcoin Whales Go On Buying Spree As Price Dips, Here\u2019s How Much They Bought<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n