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Bitcoin Price Targets $90,000 as BTC Whales Go on Accumulation Spree
The price of bitcoin has been in a precarious position lately, with the asset experiencing a massive drop to a four-month low earlier this week. However, since then, it has recovered significantly and is now sitting at around seven grand higher. In light of this recent relief rally, experts believe that the asset could potentially reach a new high of $90,000 as long as it stays above its current support level of $84,000.
The driving force behind this predicted surge appears to be the activities of large BTC wallets referred to as whales or sharks. These massive holdings have been instrumental in shaping the market’s trends and have previously influenced the asset’s price movements due to their ability to purchase significant quantities in a short amount of time, resulting in substantial impacts on the entire market.
It has come to light that these BTC whales reversed their investment strategy earlier this month following Trump’s tariffs against several countries. This change in stance led to a tumble in the asset’s value, with its lowest point reached earlier this week at below $77,000.
However, during this correction period, the whales and sharks altered their approach once again, switching from a selling to an accumulation strategy. The last few days have seen over 20,000 BTC enter these massive wallets, with the total USD value of this stash reaching nearly $1.7 billion, according to data provided by Santiment.
The analyst, Ali Martinez, took to Twitter to share this information, stating that whales have purchased more than 20,000 Bitcoin within a 48-hour period.
Source: https://cryptopotato.com/bitcoin-price-targets-90000-as-btc-whales-go-on-accumulation-spree/
