Key Points
- Bitcoin whales accumulated $1.5 billion worth of Bitcoins during the recent price dip to $91,000.
- Bitcoin price could benefit from continued whale accumulation, potentially pushing it past the $100,000 mark.
Bitcoin whales and long-term holders took advantage of the recent Bitcoin (BTC) price dip to $91,000. According to a CryptoQuant report, they accumulated a total of $1.5 billion worth of Bitcoins.
CryptoQuant analyst Caueconomy observed that these whales capitalized on the price dip as short-term holders suffered significant losses due to panic selling. On November 26, a total of 16,000 Bitcoins, worth approximately $1.5 billion, moved into whale reserves. This significant on-chain accumulation reflects institutional addresses on the network, although many coins may still be held in exchange accounts by these players.
Bitcoin Buying Volume and Whale Activity
The analyst also pointed out that while the spot Bitcoin buying volume has surged, it remains concentrated among institutional investors. He added that a broader “buy-the-dip” trend is yet to emerge. To push Bitcoin to a new all-time high, a larger influx of buying activity from both retail and institutional players is necessary.
In October, Bitcoin whale holdings reached an all-time high of 670,000 BTC. This move preceded Bitcoin’s rise from around $60,000 to its current all-time high near $100,000. If history repeats itself, BTC price could benefit from continued whale accumulation, potentially pushing it past the $100,000 psychological barrier.
Price Recovery and Predictions
Following the Bitcoin whale accumulation, BTC price has also seen a strong recovery. As of press time, BTC price is trading 1.89% up at $96,575 with a market cap of $1.911 billion.
Ali Martinez suggests that Bitcoin (BTC) could see a Thanksgiving rally. He believes this could trigger a rebound, predicting that Bitcoin is on track to reach $99,000, supported by strong technical indicators.
Crypto analyst Ali Martinez also highlights a crucial demand zone for Bitcoin at $93,580, where approximately 667,000 addresses acquired nearly 504,000 BTC. Martinez stated that Bitcoin bulls should defend this support level to prevent potential sell-offs from these holders.
Following Donald Trump’s victory in early November, BTC price rallied all the way from $73,000 to $100K registering over 35% gains in less than a month’s time.
Mati Greenspan, founder and CEO of Quantum Economics, stated in an email to CNBC, “Bitcoin has been on a tear since Election Day … with very few pullbacks, but the $100,000 mark remains a formidable psychological barrier. While breaking through now would be a major bullish signal, a brief pullback may be needed to gather momentum before the next attempt.”
