Recent on-chain data suggests that Bitcoin whales are accumulating, but rumors of BlackRock’s involvement in the accumulation are unfounded. Analysts are divided on whether the worst is behind for Bitcoin’s price.
Whales Accumulate Bitcoin, But It’s Not BlackRock
An on-chain analyst named James V. Straten highlighted a trend in the accumulation score by cohort chart and noted that whales with over 10k BTC are aggressively accumulating. However, the rumors surrounding BlackRock’s involvement in the accumulation have been debunked. BlackRock, a financial behemoth that undergoes audits every three months, cannot hide Bitcoin purchases from auditors. If they were to invest in Bitcoin, it would be through an exchange-traded fund. BlackRock has shown interest in the space through investments in Bitcoin mining stocks and MicroStrategy.
Is The Worst Behind For BTC Price?
The trajectory of Bitcoin’s price remains a topic of debate among analysts. Some analysts, like Will Clemente, believe that there is a tangible risk of Bitcoin retesting the lows of Q1 2020. Others, like Joe Burnett, point out that historically, bear markets conclude when supply dries up, suggesting that a spark of demand could ignite the next bull market. Crypto traders are closely monitoring key levels, such as the $26K-26.1K range, which marks important support and resistance levels.
Rekt Capital, a crypto analyst, notes the significance of the $26,000 support level on the weekly chart and suggests that a breach below this level could send Bitcoin tumbling towards $22,000. However, he also hints at a possible bullish turnaround if Bitcoin approaches the $24,000 mark, which serves as the neckline for an inverse head and shoulders pattern observed earlier this year. The declining buy-side and sell-side volumes suggest a lack of market momentum.
At the time of writing, Bitcoin is trading at $25,734.
Bitcoin whales are accumulating the cryptocurrency, but BlackRock’s involvement in the accumulation is unfounded. Analysts have differing views on whether the worst is behind for Bitcoin’s price. Crypto traders are monitoring important support and resistance levels, while analysts analyze volume patterns to determine the direction of the market.
Are Bitcoin whales accumulating Bitcoin?
Yes, recent on-chain data suggests that Bitcoin whales, particularly those with over 10k BTC, are accumulating the cryptocurrency.
Is BlackRock involved in Bitcoin accumulation?
No, rumors of BlackRock’s involvement in Bitcoin accumulation are unfounded. BlackRock’s investments in the space have been through Bitcoin mining stocks and MicroStrategy, not direct accumulation of Bitcoin.
What is the outlook for Bitcoin’s price?
Analysts are divided on the outlook for Bitcoin’s price. Some believe that there is a risk of retesting the lows of Q1 2020, while others suggest that a spark of demand could ignite the next bull market.
What are key levels that traders are monitoring?
Traders are closely monitoring the $26K-26.1K range, which marks important support and resistance levels for Bitcoin.