Bitcoin Price Stands at $82,346 Amid Surge in Whale Accumulation
Bitcoin (BTC) is trading at $82,346, a 24.3% decrease from its all-time high of over $109,000 in January. New data reveals that a group of high-net-worth investors, termed "new whales," has been accumulating BTC since November 2024, purchasing more than 1 million BTC, with over 200,000 BTC acquired this month.
New Whales Drive Market Accumulation
- A distinct group of holders with at least 1,000 BTC has emerged, indicating increased institutional interest.
- The majority of new holdings are retained for less than six months, suggesting confidence in current price levels.
- If accumulation continues, it may provide support for Bitcoin's price and could lead to targets of $150,000 or $160,000.
Is Bitcoin Demand Weakening?
- Despite whale accumulation, concerns have been raised about weakening demand momentum.
- Notable peaks in demand occurred in March and December 2024, but a decline followed the March peak.
- The current trends are compared to the 2017-2018 market cycle, where similar patterns preceded price fluctuations.
