post<\/u><\/a> by crypto analysis firm CryptoQuant.\u00a0<\/p>\n Although Bitcoin recently experienced a slight retracement, it has been trading within a steady range of $66,000 to $69,000 over the past 10 days, signaling a potential upward trend as it attempts to break its all-time high of $73,000.<\/p>\n
This accumulation by Bitcoin whales is significant and is viewed as a bullish signal, aligning with historical patterns where whale buying behavior often precedes major price rallies.<\/p>\nBitcoin 1-Year Change in Whales Holdings (CryptoQuant)<\/figcaption><\/figure>\nThe chart tracking whale holdings from 2015 to 2024 illustrates this trend clearly. The blue shaded area, which represents the one-year change in total whale holdings, has surged in recent months, reflecting a significant accumulation by these large holders.\u00a0<\/p>\n
Historically, similar buying phases, such as those observed in 2016-2017 and 2020-2021, were followed by substantial price increases in Bitcoin.<\/p>\n
The chart also includes a 365-day Simple Moving Average, which highlights a sharp increase in whale buying, suggesting strong, sustained interest in Bitcoin by large investors.<\/p>\n
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According to the chart from CryptoQuant\u2019s post, the real surge in Bitcoin growth typically begins once whales gradually reduce their holdings, reaching negative percentage change values.<\/p>\n
While whale accumulation suggests optimism, Bitcoin\u2019s price remains in a sideways trend, a common pattern observed during past accumulation periods.<\/p>\n
This trend supports the notion that whales are positioning themselves for potential gains in the medium and long term.\u00a0<\/p>\n
The accumulation phase points to a positive outlook for Bitcoin, but if new highs aren\u2019t reached by late November, especially around the US election, it could indicate challenges in the bull cycle.<\/p>\n\nShare this article<\/p>\n
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\n \n Estefano Gomez Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin Home \u00bb Bitcoin \u00bb Bitcoin whales scoop up BTC like never before as market eyes new highs by Estefano Gomez Oct. 25, 2024 Record Bitcoin holdings by whales suggest a bullish market trend. Key Takeaways Bitcoin whales have reached a record accumulation of 670,000 BTC. Historical trends show whale buying often precedes major market<\/p>\n","protected":false},"author":1,"featured_media":816578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,22583],"tags":[11476],"class_list":["post-816577","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-whales","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/816577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=816577"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/816577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/816578"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=816577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=816577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=816577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}