The price of Bitcoin (BTC) has decreased by 1.66% in the last day after failing to pass $102,000 on Friday. Currently, the leader of the crypto market seems to be in consolidation, with little indication of its next price move. However, recent bearish activity has signaled the continuation of a bullish path.
Bitcoin whales confident of future rally with rising accumulation rates
In a Quictake post on Saturday, CryptoQuant analyst Darkfost highlighted Bitcoin's recent whale activity in relation to certain price levels.
The popular crypto expert said that market whales i.e. investors with more than 1,000 BTC, have now steadily increased their BTC collection when prices fell between $95,000-$99,000. Darkfost's view can be supported by recent data shared by fellow analyst Ali Martinez who said that Bitcoin whales bought 20,000 BTC, worth more than $2 billion, after the fund's flash crash received on Friday.
Interestingly, the CryptoQuant analyst says that BTC whales have shown a similar rallying pattern when the asset was trading in a range of $55,000-$70,000 for more than eight months before starting to their most recent bull run in November.
Therefore, the increase in whale holdings at $95,000-$99,000 could transform this price range into a strong support zone that will encourage another price rally in the short to medium term. According to data from CryptoQuant, the ownership of Bitcoin whales is now a little shy of 12 million BTC, which is a strong bullish signal that shows growing interest and confidence in the market.
Parabolic rise for BTC?
In other developments, crypto analyst Burak Kesmeci has predicted a parabolic rise coming in for Bitcoin which is linked to a certain situation. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmeci was able to identify two important price points for the largest digital currency. These are $100,000, which Bitcoin has already achieved, and $125,000.
As the name implies, BGRM is a trading tool that compares the price of gold with the price of Bitcoin. It is used to assess the relative performance of BTC as a store of value against gold and can identify important levels of resistance and support.
According to Kesmeci, the BGRM emphasizes $125,000 as a critical price level and a possible threshold for further bullish movements. By breaking through this price segment that has been described as the “2 potential bull highs”, Bitcoin is likely to experience a parabolic price gain based on historical data.
At the time of writing, BTC is now trading at $100,130 after a gain of 0.50% in the past day. However, the asset's daily trading volume is down by a staggering 56.67% and is valued at $47.51 billion.
Featured image from ZDFheute, chart from Tradingview
Source: https://bitcoinist.com/bitcoin-whales-ramp-accumulation-price-surge-follow/
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