{"id":980,"date":"2024-10-25T18:13:08","date_gmt":"2024-10-25T18:13:08","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-rebounds-above-67000-as-whales-continue-to-accumulate\/"},"modified":"2024-10-25T18:13:08","modified_gmt":"2024-10-25T18:13:08","slug":"bitcoin-price-rebounds-above-67000-as-whales-continue-to-accumulate","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-rebounds-above-67000-as-whales-continue-to-accumulate\/","title":{"rendered":"Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate"},"content":{"rendered":"

Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. Despite these fluctuations, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term insights<\/a> regarding whale activity.<\/p>\n

According to the analyst, whales\u2014large holders of Bitcoin\u2014now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase by whales is being seen as a positive signal for Bitcoin\u2019s long-term outlook.<\/p>\n

Whale Continues Accumulation<\/h2>\n

BaroVirtual emphasized that when whale holdings reach such high levels, Bitcoin tends to remain in a sideways trading pattern or experiences mild price declines. This accumulation phase, however, often serves as a precursor to significant upward movement in the cryptocurrency’s value.<\/p>\n

\"Bitcoin<\/p>\n

The analyst described this phase as the “calm before the storm,” suggesting that a major price surge could be on the horizon as whales gradually reduce their holdings. This pattern has historically led to long-term price increases for Bitcoin.<\/p>\n

BaroVirtual also warned of potential risks tied to the upcoming US presidential elections, noting that if Bitcoin fails to update its all-time high between the elections and late November, it could signal deeper issues within the current bull cycle. The post on the CryptoQuant QuickTake platform read:<\/p>\n

\n

Finally, if the all-time price high between the US presidential elections and November 28 (+\/- 21 days) is not updated, this will indicate severe problems with the current bull cycle, and things will get ugly.<\/p>\n<\/blockquote>\n

Bitcoin Market Performance And Outlook<\/h2>\n

In parallel with these developments, Bitcoin has seen a rebound in price following a recent dip that followed its attempt to break through the $70,000 level on Monday. After the correction, Bitcoin is currently trading at $67,658, marking a 2.4% increase in the past day.<\/p>\n

\"Bitcoin<\/p>\n

This price recovery aligns with technical signals indicating a potential continuation of the bull run. A well-known crypto analyst known as CryptoBullet recently noted on X that Bitcoin\u2019s weekly Moving Average Convergence Divergence (MACD) indicator has crossed into bullish territory for the first time since October 2023.<\/p>\n

CryptoBullet highlighted that this setup is reminiscent of Bitcoin’s 2021 price action, which saw a similar vertical rally followed by a mid-term correction. However, unlike 2021\u2019s deeper correction, the current phase has taken more time to unfold but has not been as severe.<\/p>\n

The analyst remains optimistic, predicting that Bitcoin will likely break out of its multi-month consolidation phase, leading to a new all-time high in price.<\/p>\n

\n

#Bitcoin<\/a> Weekly MACD crossed bullish for the first time since October 2023! \"\ud83d\udc40\"<\/p>\n

But this picture reminds me a lot of 2021: same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it\u2019s not that deep, it just took more time).<\/p>\n

Now $BTC<\/a> is\u2026 pic.twitter.com\/q03dN7GgS6<\/a><\/p>\n

\u2014 CryptoBullet (@CryptoBullet1) October 23, 2024<\/a><\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. Despite these fluctuations, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term insights regarding whale activity. According to the analyst, whales\u2014large holders of Bitcoin\u2014now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,181,84,55,182,61,62,86],"class_list":["post-980","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-news","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-cryptoquant"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=980"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/980\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}