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Bitcoin whales have ramped up their accumulation, signaling a potential market surge as seller exhaustion sets in, according to CryptoQuant data.
Bitcoin Whales Are Buying at Unprecedented Levels
CryptoQuant (via Coingape) data shows that the amount of Bitcoin that whales have accumulated has grown significantly. Well-known crypto expert Lark Davis has seen Bitcoin whales buying at levels that have never been seen before.
Davis says that the fact that big Bitcoin users are buying a lot of it shows that the market is about to experience a supply shock.
Seller Exhaustion Evident in Bitcoin Market
Currently, unrealized gains are only 3%, down from a high of 69% in early March. According to this measure, traders aren't trying to sell as much, which means that heavy selling has already stopped.
Head of Research at CryptoQuant, Julio Moreno, points out an essential difference in how the Bitcoin market acts. Moreno says that the price of BTC at $70K now is very different from the price at $70K in March.
@CredibleCrypto, a crypto expert, is optimistic about Bitcoin's current long positions. He said in a recent tweet: "Longs on $BTC looking great here." If we just kept pumping from here, I wouldn't mind, but I think something like this makes a lot of sense right now.
He then tweeted another post in which he shared more of his thoughts:
Potential Entry Points Below $66K for Investors
Michael van de Poppe, a crypto expert, recently shared his thoughts on how Bitcoin's price will stay stable.
He said that the goal of Bitcoin is to stay where it is now. In response to possible buying chances, van de Poppe suggested: "Losing $66K and I think we'll test range low ($60K) and be buying there again. That's the level where you'd want to get your purchases ready." Investors are advised to prepare for potential entry points if Bitcoin's price dips below the $66K mark.
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