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Bitcoin whales are re-accumulating currency as happened in 2020. What does this mean for price?

In the final analysis For the price of BitcoinKi Young Joo, CEO of CryptoQuant, pointed out striking similarities between current market activity and what was observed in mid-2020. The data indicates a notable increase in Bitcoin accumulation by major investors, or so-called “Bitcoin whales.” ”, despite the reduction in price volatility.

revealed Data Cryptoquant reported strong activity on the blockchain network, much like what happened in 2020, which paved the way for the BTC price to rise to $64,000 in April 2021.

Total value of Bitcoin whale holdings in dollars Source: cryptoquant
Total value of Bitcoin whale holdings in dollars Source: cryptoquant

Data indicates that a billion dollars worth of Bitcoin is added daily to new wallets, believed to belong to large investors.

Although the price of BTC is relatively stable, the chart... newsletter “Ki” shows a significant movement towards digital currency. This indicates potential accumulation by whales and increased interest in the market.

These results sparked a reaction within the cryptocurrency trading community. Some wondered whether this activity would soon lead to significantly higher prices.

Are we seeing a repeat of the 2020 Bitcoin bullish scenario?

In 2020, Bitcoin experienced a period of relative stability at the $10,000 level, followed by increased activity on the blockchain network. Which was then attributed to over-the-counter (OTC) transactions.

This step ultimately led to a price rise BTC At around $29,000 by the end of the year.

The chart published by Key, which compares 2024 and 2020, suggests that the current market dynamics are very similar to the period before the historic rise. This gives hope for a further significant increase in prices.

Comparative graph of total shareholding growth between 2020 and 2024
Comparative graph of total shareholding growth between 2020 and 2024

Cryptocurrency analysts expect Bitcoin BTC Price It will face resistance at $69,000, the highest level reached during the 2021 bull run.

However, the continued accumulation of Bitcoin by whales indicates that the market may be on the cusp of a new uptrend.

Although current volatility is relatively low, some analysts view this stability as "healthy price behavior" and could pave the way for future increases.

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Elhadi Bouazizi

Hedi Bouazizi has been a professional trader for 15 years in the Forex and Cryptocurrency sectors. Hadi graduated from the Faculty of Engineering, but specialized in the field of digital economy and trade, and has been professionally writing economic content and technical and fundamental analysis for a long time. Al-Hadi also helps enrich Arabic educational content related to cryptocurrencies and blockchain in many global centers and financial markets.




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