The price of Bitcoin (BTC) is down 1.66% over the past day after failing to surpass $102,000 on Friday. Currently, the crypto market leader seems to be in consolidation, with little indication regarding its next price movement. However, recent whale activity has pointed towards a continued bullish trajectory.
Bitcoin whales confident of future rally with rising accumulation levels
one in Saturday QuickTake PostCryptoQuant analyst Darkfast highlighted recent Bitcoin whale activity in relation to certain price levels.
The popular crypto expert said that market whales, i.e. investors with more than 1,000 BTC, have now continuously increased their BTC accumulation whenever the price dropped between $95,000-$99,000. Darkforest’s observation may be supported by recent data shared by fellow analyst Ali Martinez informed Bitcoin whales bought 20,000 BTC, worth more than $2 billion, after the asset suffered a sudden plunge on Friday.
Interestingly, the CryptoQuant analyst says BTC whales have shown a similar accumulation pattern when the asset traded in the $55,000-$70,000 range for more than eight months before the most recent rally began in November.
Therefore, a rise in whale holdings to $95,000-$99,000 could turn this price range into a strong support zone that propels another price rally in the short to medium term. According to data from CryptoQuant, Bitcoin whales’ holdings are now just under 12 million BTC, a strong bullish signal that indicates growing interest and market confidence.
Parabolic rise for BTC?
In other developments, crypto analyst Burak Kesmesi has predicted The coming parabolic rise for Bitcoin which is linked to a certain situation. Using the Bitcoin Gold Ratio Multiplier (BGRM), Kesmesi was able to identify two important price points for the major cryptocurrency. These are $100,000, which Bitcoin has already achieved, and $125,000.
As the name suggests, BGRM is a trading tool that compares the price of gold to the price of Bitcoin. It is used to evaluate the relative performance of BTC as a store of value against gold and can identify important levels of resistance and support.
According to Kesmesi, BGRM highlights $125,000 as an important price level and a potential threshold for further bullish activity. By breaking this price area, described as “2 potential bull highs”, Bitcoin is likely to experience a parabolic price gain based on historical data.
At the time of writing, BTC is now trading at $100,130 after gaining 0.50% the previous day. However, the daily trading volume of the asset has dropped by a massive 56.67% and is valued at $47.51 billion.
Display image from ZDFheute, chart from Tradingview
