Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate

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Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. Despite these fluctuations, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term insights regarding whale activity.

According to the analyst, whales—large holders of Bitcoin—now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase by whales is being seen as a positive signal for Bitcoin’s long-term outlook.

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Whale Continues Accumulation

BaroVirtual emphasized that when whale holdings reach such high levels, Bitcoin tends to remain in a sideways trading pattern or experiences mild price declines. This accumulation phase, however, often serves as a precursor to significant upward movement in the cryptocurrency’s value.

Bitcoin whales holdings. |Source: CryptoQuantThe analyst described this phase as the “calm before the storm,” suggesting that a major price surge could be on the horizon as whales gradually reduce their holdings. This pattern has historically led to long-term price increases for Bitcoin.

BaroVirtual also warned of potential risks tied to the upcoming US presidential elections, noting that if Bitcoin fails to update its all-time high between the elections and late November, it could signal deeper issues within the current bull cycle. The post on the CryptoQuant QuickTake platform read:

Finally, if the all-time price high between the US presidential elections and November 28 (+/- 21 days) is not updated, this will indicate severe problems with the current bull cycle, and things will get ugly.

Bitcoin Market Performance And Outlook

In parallel with these developments, Bitcoin has seen a rebound in price following a recent dip that followed its attempt to break through the $70,000 level on Monday. After the correction, Bitcoin is currently trading at $67,658, marking a 2.4% increase in the past day.

BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.comThis price recovery aligns with technical signals indicating a potential continuation of the bull run. A well-known crypto analyst known as CryptoBullet recently noted on X that Bitcoin’s weekly Moving Average Convergence Divergence (MACD) indicator has crossed into bullish territory for the first time since October 2023.

CryptoBullet highlighted that this setup is reminiscent of Bitcoin’s 2021 price action, which saw a similar vertical rally followed by a mid-term correction. However, unlike 2021’s deeper correction, the current phase has taken more time to unfold but has not been as severe.

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The analyst remains optimistic, predicting that Bitcoin will likely break out of its multi-month consolidation phase, leading to a new all-time high in price.

#Bitcoin Weekly MACD crossed bullish for the first time since October 2023! 👀

But this picture reminds me a lot of 2021: same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it’s not that deep, it just took more time).

Now $BTC is… pic.twitter.com/q03dN7GgS6

— CryptoBullet (@CryptoBullet1) October 23, 2024

Featured image created with DALL-E, Chart from TradingView