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Bitcoin Whale Accummulation Soars – is $100,000 Milestone Imminent?

25.11.2024 15:30 2 min. read Kosta Gushterov
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Bitcoin Whale Accummulation Soars – is $100,000 Milestone Imminent?

Recent data reveals heightened Bitcoin whale activity, signaling potential upward momentum toward the much-anticipated $100K price milestone.

Over the past 24 hours, six newly created wallets collectively withdrew 1,110 BTC, valued at around $107.7 million, from Binance, according to blockchain analytics platform Lookonchain. This accumulation during a market pullback reflects growing confidence in Bitcoin’s long-term prospects.

Additional insights from IntoTheBlock show strong support levels, with 60,000 addresses purchasing 22,740 BTC above the current price and another 458,000 addresses holding a substantial 344,000 BTC. This firm base could act as a springboard for Bitcoin’s next major rally. Additionally Michael Saylor’s MicroStrategy just announced another acquisition of 55,500 BTC worth $5.4 billion. This comes a week after the firm bought Bitcoin worth $4.6 billion – this brings the total purchase to $10 billion in 7 days.

However, crypto analyst Ali Martinez has noted caution, highlighting signs of “greed” among long-term holders—a pattern often seen ahead of market peaks. Martinez predicts Bitcoin could hit its next top between June and September 2025 if historical trends persist.

On the technical front, Martinez pointed to the SuperTrend indicator flipping bullish on the hourly chart and Bitcoin breaking through a key resistance trendline. Combined with a strengthening Relative Strength Index (RSI), these factors could pave the way for a substantial price surge. The analyst suggested that a significant move might be imminent.

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