The markets do not appear to have overcome the recent pullback as the selling pressure continues to mount in the crypto space. The Bitcoin price is trying hard to sustain above $67,000, as a drop below these regions may alert the bears. In the meantime, the whales and the traders appear to have been utilising this golden opportunity, as they seem to be pretty confident about the upcoming BTC price rally.
As covered in the previous composition, the whales have been frequently accumulating BTC ever since the token managed to mark a new ATH close to $74,000. The price is just 8% away from these levels and the whale activity has again intensified. As per the data from CryptoQuant, more than 20,000 BTC have been recorded in the whale wallets. Not only the whales, but the retail traders also appear to be taking advantage of the recent correction as the BTC balance in exchanges drops to its lowest levels.
The above data from Santiment indicates the traders are extremely confident over the bullish perspective of the BTC price rally as the BTC balance in the exchanges plunges to its lowest levels. The levels have now reached close to 900 million for the first time since December 2021. However, another interesting fact suggests, that the ETH & USDT balances have been increasing as the exchange balance is slowly gearing up. This might be a bullish factor for Bitcoin and the markets, as there is less drop-off risk for all of the crypto while BTC’s available supply to be sold is limited.
Therefore, regardless of the ongoing consolidation, the BTC bulls seem to be extremely bullish on the next price action. As a result, the higher targets for the Bitcoin price rally, which is speculated to be in the middle of a bull run, remain unchanged and untouched.
One of the analysts, anonymously known as CryptoCon, presents the historical BTC chart with different bands and justifies the ongoing correction. The above chart suggests the BTC price has already broken ‘level 2’ and has been consolidating for over 100 days now. Which has been witnessed previously. As the band forms, the next target could be around $91,500, which may not be the cycle top as it resides above $100K.
Collectively, the Bitcoin (BTC) price continues to remain within the bullish brackets and is expected to rise above all the bearish pressures and mark the milestone at $100K very soon.
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