Bitcoin whales bought about $1.4 billion worth of Bitcoin within 24 hours this week, indicating confidence on their part.
Santiment also says that Investors are moving Bitcoin off exchanges, with exchange supply dropping to its lowest since 2022
Despite recent volatility, Bitcoin's price has found support around $67,500.
Analyst CryptoCon believes that Bitcoin is poised for a 25% surge, allowing it to hit $91,600.
All of the above indicates that the flagship cryptocurrency is poised for an incoming Bitcoin price upswing.
Bitcoin has experienced more ups and downs this week than it has in the entire month of July.
Between Friday last week and Wednesday this week, the cryptocurrency declined from the $71,000 zone, revisited the $66,000 zone, and then revisited $70,000 before retracing its path to the $67,000 zone where it now sits.
However, recently—this week in particular, these whales bought $1.4 billion worth of the cryptocurrency in just 24 hours, marking one of the largest accumulation rates since the Bitcoin ETFs first made their debut at the start of the year.
Could this be a major sign of an incoming recovery? Why does this analyst seem to think we’re primed for a rally to $95,000??
This week, on 11 June, right in the middle of Bitcoin's rollercoaster ride, the Bitcoin whales suddenly entered a coordinated attempt to expand their wallets by raking in a staggering $20,600 Bitcoin—in a single day.
CryptoQuant was the first to call attention to this accumulation spree on Twitter (X), and describes it as the “largest accumulation since the Bitcoin ETF launches”, via a chart attached to the tweet.
In detail, these whales have just made the largest single-day accumulation since 28 February, which came right before the Bitcoin price surge between $40,000 and the eventual $73,800 all-time high.
Keep in mind that the whales took advantage of the flash crash on Bitcoin that dropped its price from $71,650 to around $69,000, where these whale accounts took in between 1,000 and 2,200 BTC daily, eventually culminating in the 20,600 BTC inflows on 11 June.
Data from Santiment, also shows that investors are pulling Bitcoin off exchanges at an alarming rate, especially with Bitcoin’s recent price action.
Santiment notes that Bitcoin’s exchange reserves have dropped to a mere 942,000 BTC, the lowest level since 22 December 2021.
This trend is seen as largely bullish because a decrease in exchange reserves indicates a lack of selling sentiment, and investors are expecting bullish rallies on the medium to long-term timeframes.
There’s more.
This time, we’re more concerned with Bitcoin’s actual price action.
Despite Bitcoin being down by nearly 10% from its all-time high of $73,800 in March, the price has managed to create a solid footing around $67,500 and has remained stable, somewhat for weeks now.
However, according to analyst CryptoCon, we might be at the cusp of a 25% price increase for Bitcoin from here, taking the cryptocurrency right above its previous all-time high and towards a target of approximately $91,600.
Bitcoin’s rally to $91,600
CryptoCon makes this assumption based on the Magic Bands indicator and expects Bitcoin to hit this price milestone on its way towards a cycle peak of around $125,000.
"All in due time," the analyst says. . At the time of writing, the cryptocurrency trades at around $67,400 and is excellently keeping its footing from a plunge below $67,000.
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