Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate Trending Global News

Bitcoin (BTC) price is currently seeing a recovery after a slight decline at the beginning of the week. Despite these ups and downs, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term insight Regarding whale activity.

According to the analyst, whales—large holders of Bitcoin—now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase of whales is being seen as a positive sign for the long-term outlook of Bitcoin.

Whale accumulation continues

BarroVirtual emphasized that when whale holdings reach such high levels, Bitcoin remains in a sideways trading pattern or experiences a mild price decline. However, this accumulation phase often serves as a precursor to a significant increase in the value of the cryptocurrency.

The analyst has described this phase as the “calm before the storm,” suggesting that a big increase in prices could occur as whales gradually lose their stake. This pattern has historically led to long-term increases in Bitcoin prices.

BaroVirtual also warned about potential risks associated with the upcoming US presidential elections, noting that if Bitcoin fails to update its all-time high between the elections and the end of November, it could lead to deeper issues within the current bullish cycle. May indicate. The post on the CryptoQuant QuickTake platform read:

Finally, if the price is not updated to the all-time high between the US Presidential Elections and November 28th (+/- 21 days), it will signal serious problems with the current bullish cycle, and things will get worse.

Bitcoin Market Performance and Outlook

In parallel to these developments, Monday has seen the price of Bitcoin bounce back after a recent decline following an attempt to break the $70,000 level. Following the correction, Bitcoin is currently trading at $67,658, representing a 2.4% increase over the past day.

This price correction is in line with technical signals indicating a possible continuation of the uptrend. A renowned crypto analyst known as Crypto Bullet recently noted on X that Bitcoin’s weekly moving average convergence divergence (MACD) indicator has reached bullish territory for the first time since October 2023.

Crypto Bullet highlighted that this setup is reminiscent of Bitcoin’s 2021 price behavior, which saw a similar vertical rally following a midterm correction. However, unlike the deep correction of 2021, the current phase has taken longer to unfold but is not as severe.

Analysts remain optimistic, predicting that Bitcoin will likely break out of its multi-month consolidation phase, sending the price to a new all-time high.

#Bitcoin Weekly MACD turns bullish for the first time since October 2023!

But this picture reminds me a lot of 2021: the same vertical rally (MACD at peak) followed by a painful mid-term correction (although, this time it is not as deep, it just took longer).

Now $BTC Is… pic.twitter.com/q03dN7GgS6

– Crypto Bullet (@CryptoBullet1) 23 October 2024