Bitcoin whale activity has been on the rise in the last 24 hours, which suggests that upward pressure for the BTC price rally to $100K could be coming today itself. In the past few hours, 6 new whale wallets have withdrawn over 1,110 Bitcoins from crypto exchange Binance.
Bitcoin Whales Accumulate the Dips
As per blockchain analytics platform Lookonchain, large investors and Bitcoin whales have started accumulating BTC in the last few years amid the BTC price pullback to $97000.
In the past eight hours, six newly created wallets collectively withdrew 1,110 BTC, valued at approximately $107.7 million, from the Binance exchange. This activity suggests a growing confidence among major holders in Bitcoin’s long-term prospects, even as market volatility persists.
Additionally, data from IntoTheBlock shows that 60,000 addresses have purchased 22,740 BTC above the current price. An impressive 458,000 addresses have accumulated a massive 344,000 BTC, creating a robust base for a potential upward move. This strong backing could serve as a catalyst for Bitcoin’s next major price surge.
However, crypto analyst Ali Martinez noted that long-term holders are showing signs of “greed”. Historically, such behavior has preceded market tops, with similar trends suggesting an 8-11 month timeline for Bitcoin to reach a peak.
If the pattern repeats, projections indicate a potential market top for Bitcoin between June and September 2025, noted Martinez.
BTC Price to $100K Today?
The BTC price continues to show strength on the technical chart. From the intraday low of $95,788, Bitcoin has bounced back once again. As of press time, the Bitcoin price is trading 0.60% up at $98,650 with a market cap of $1.95 trillion.
Crypto analyst Ali Martinez highlights a bullish signal for Bitcoin (BTC), as the SuperTrend indicator turns positive on the hourly chart amid the ongoing Bitcoin whale activity. This shift comes as Bitcoin breaks through a critical resistance trendline, accompanied by a strengthening Relative Strength Index (RSI).
Martinez suggests these developments could set the stage for a major price surge, potentially marking the long-awaited move toward $100,000. “Today could be the day!” the analyst noted.
The SuperTrend indicator flipped bullish on the #Bitcoin $BTC hourly chart, as prices break through an resistance trendline as well as the RSI.
Today could be the day! $100,000 pic.twitter.com/TQqrJujFWs
— Ali (@ali_charts) November 25, 2024
Also, the crypto trading activity on centralized exchanges has shot up significantly suggesting very strong bullish sentiment. 10x Research noted that unlike the speculative frenzy in March, which saw a single-day retail trading peak of $16.2 billion in Korea, the current market is witnessing sustained high volumes over multiple consecutive days. This suggests a more prolonged and robust trading interest.
Furthermore, MicroStrategy is driving major trading in the Bitcoin industrial complex with over $130 billion in trading volumes last week. Market analysts predict a fresh $3 billion Bitcoin purchase on Monday after the firm raised this money through convertible notes last week.
While Bitcoin and the rest of the crypto market enter a phase of consolidation, GameFi and Metaverse tokens have taken charge of the rally.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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