Bitcoin
Large Whales Buying Bitcoin (BTC) Drops: Data
Alex Dovbnya
Is Bitcoin’s latest dip another accumulation opportunity?
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According to data According to a report by crypto analytics firm IntoTheBlock, Bitcoin whales have started aggressively buying the largest cryptocurrency after its price recently dipped below the $60,000 level. This indicates strong buying pressure from large holders.
Wallets holding more than 0.1% of the cryptocurrency’s total supply received around 55,000 BTC in net inflows last month.
Earlier today, pseudonymous cryptocurrency analyst Ali also said that “early signs” of Bitcoin accumulation have emerged. This presumed accumulation phase would follow three months of distribution.
As reported by U.TodayCryptoQuant’s Ki Young Ju recently stated that Bitcoin’s boring sideways price action could actually present a decent buying opportunity for investors. He also opined that the bellwether coin was still in an uptrend despite the rapidly souring market sentiment.
On Wednesday, the leading cryptocurrency fell to an intraday low of $59,712, prompting prominent skeptics Pedro Schiff to predict that it would face a much sharper correction.
So far, bulls appear determined to hold the crucial $60,000 level, with Bitcoin currently changing hands at $60,373, according to CoinGecko data. As noted by analytics firm Lookonchain, the most recent price drop coincided with huge whale deposits on the Binance exchange.
Earlier this week, Fundstrat’s Tom Lee stated that the price of the largest cryptocurrency would likely rise to $150,000 later this year.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry — from price analysis to blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.