Bitcoin (BTC) is experiencing a price resurgence after a slight decline earlier in the week. In light of these fluctuations, a CryptoQuant analyst using the name BaroVirtual has provided some promising long-term insights into whale activity.
The analyst noted that whales—major holders of Bitcoin—currently possess around 670,000 BTC, marking an all-time high. This period of accumulation by whales is regarded as a favorable indicator for Bitcoin’s future prospects.
Whales Continue to Accumulate
BaroVirtual pointed out that, when whale holdings reach such substantial levels, Bitcoin typically enters a sideways trading pattern or sees slight price drops. Nonetheless, this accumulation phase is often a precursor to notable upward trends in the cryptocurrency’s price.
The analyst characterized this phase as the “calm before the storm,” implying that a significant price increase may be imminent as whales gradually begin to lessen their holdings. Historically, this pattern has resulted in long-term price gains for Bitcoin.
BaroVirtual also cautioned about potential risks associated with the upcoming US presidential elections, warning that if Bitcoin does not reach a new all-time high between the elections and late November, it could indicate underlying issues in the current bull cycle. The post from the CryptoQuant QuickTake platform stated:
If the all-time price high is not updated between the US presidential elections and November 28 (+/- 21 days), it will suggest serious problems with the current bull cycle, and things might deteriorate.
Bitcoin Market Trends and Predictions
Alongside these developments, Bitcoin has seen a recovery in its price after a recent decline that occurred while attempting to surpass the $70,000 threshold on Monday. Following this correction, Bitcoin is now trading at $67,658, reflecting a 2.4% increase over the past day.
This price recovery is consistent with technical indicators that suggest a potential continuation of the bullish trend. CryptoBullet, a well-known crypto analyst, recently mentioned on X that Bitcoin’s weekly Moving Average Convergence Divergence (MACD) has shifted into bullish territory for the first time since October 2023.
CryptoBullet pointed out that this setup is reminiscent of Bitcoin’s 2021 market behavior, which saw a similar vertical surge followed by a mid-term correction. However, unlike the deeper corrections of 2021, the current phase has evolved more gradually and is less severe.
The analyst remains hopeful, predicting that Bitcoin is likely to escape its prolonged consolidation phase, setting the stage for a new all-time price high.
#Bitcoin Weekly MACD has crossed bullish for the first time since October 2023! 
This scenario is strikingly similar to 2021: a similar vertical rally (where MACD peaked) followed by a tough mid-term correction (though this time, it’s not as deep, just taking longer).
Currently, $BTC is… pic.twitter.com/q03dN7GgS6
— CryptoBullet (@CryptoBullet1) October 23, 2024
Featured image created with DALL-E, Chart sourced from TradingView
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