The price of Bitcoin (BTC) has dipped by 1.66% in the last day after failing to break past $102,000 on Friday. Currently, the crypto market leader seems to be in consolidation, with little indication of its next price movement. However, recent whale activity has pointed to a continuous bullish trajectory.
Related Reading: Bitcoin ETFs Surpass Satoshi’s Holdings, Blockchain Firm Breaks Down Institutional Adoption In 2024
Bitcoin Whales Confident Of Future Rally With Rising Accumulation Levels
In a Quictake post on Saturday, CryptoQuant analyst Darkfost highlighted recent Bitcoin whale activity in regard to certain price levels.
The popular crypto expert stated that market whales i.e. investors with over 1,000 BTC, have now consistently increased their BTC accumulation whenever prices fell between $95,000-$99,000. Darkfost’s observation can be backed by recent data shared by fellow analyst Ali Martinez who reported that Bitcoin whales purchased 20,000 BTC, valued at over $2 billion, after the asset experienced a flash crash on Friday.
Interestingly, the CryptoQuant analyst states BTC whales have shown a similar accumulation pattern when the asset traded in a range of $55,000-$70,000 for over eight months before embarking on its most recent bull run in November.
Therefore, the increase in whale holdings at $95,000-$99,000 could convert this price range to a strong support zone that propels another price rally in the short to mid-term. According to data from CryptoQuant, Bitcoin whales’ holdings are now a little shy of 12 million BTC, which is a strong bullish signal that indicates growing interest and market confidence.
Parabolic Rise For BTC?
In other developments, crypto analyst Burak Kesmeci has predicted an incoming parabolic rise for Bitcoin that is tied to a certain condition. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci was able to identify two important price points for the larger cryptocurrency. These are $100,000, which Bitcoin has already attained, and $125,000.
As the name implies, the BGRM is a trading tool that compares the price of gold to the price of Bitcoin. It is used to evaluate the relative performance of BTC as a store of value against gold and can identify significant levels of resistance and support.
According to Kesmeci, the BGRM highlights $125,000 as a critical price level and potential threshold for further bullish movements. By breaking past this price region described as the “2 potential bull high”, Bitcoin is likely to experience a parabolic price gain based on historical data.
At the time of writing, BTC now trades at $100,130 following a 0.50% gain in the past day. However, the daily trading volume of the asset is down by a staggering 56.67% and valued at $47.51 billion.
