Bitcoin

Whales Remain Assured of the Next Bitcoin Price Rally, Is the Bull Run Fast Approaching?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price continues to struggle around $19,000 as the bears maintain their dominance over the entire crypto space

  • While the BTC price is displaying immense volatility from the past 6 months, the long term holders & the whales remain confident of the upcoming rally

Bitcoin price continues to trade just above $19,000 after rebounding from the lows of around $18,500. The star crypto hovered within the demand area for a while and quickly raised high and gained back the lost levels. While the market participants believe a major drawback is yet to arise, the whales look up to the bigger opportunity incoming in the long term. 

The BTC price has been varying heavily since the beginning of the year 2022. The asset surged high to rise above $48,000 from the lows below $33,000. However, things went extremely bearish later as the prices dropped by more than 60% to mark the bottoms below $18,000. Since then the price has been fluttering around these levels. 

Despite the shaky market conditions, the whales continue to HODL Bitcoin as more than 77% of BTC has never been moved ever. 

The reports from glassnode suggest that the holders have been holding BTC for more than 10 years. Hence the current volatility has been due the rest of the BTC in circulation, while the holders with less than a Bitcoin continue to accumulate to become a ‘Wholecoiners’ at the earliest. 

As mentioned earlier, Bitcoin’s (BTC) price is currently attempting very hard to nullify the impact of the bearish Head & Shoulder pattern. However, the bearish pressure may continue to mount as the trend remains towards the south. Therefore, the asset still appears to mark new yearly bottoms before igniting a strong upswing in the coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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