Bitcoin whales stock up on crypto amid strong buy signal

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Large bitcoin holders are stocking up on cryptocurrency, according to the latest data, leading some analysts to speculate that another major price hike is imminent.

The so-called bitcoin whale crypto wallets with at least $ 50 million worth of cryptocurrency increased their holdings in June, July, and August.

The last time such a large-scale build-up occurred was in the lead-up to bitcoin’s all-time high of $ 64,000, which it reached in mid-April 2021.

A price collapse in late April and May caused the price of bitcoin to drop below $ 30,000, but it has since seen a rally.

Bitcoin rose above $ 50,000 this week to hit a three-month high, but has fallen slightly and is currently trading at around $ 47,000.

Support is nearby, according to technical charts, said Alexandra Clark, a salesperson at UK digital asset broker GlobalBlock.

Simple and exponential bitcoin moving averages give strong buy signals … Not only that, but MicroStrategy continues to grow its bitcoin portfolio, this support could stabilize the pullback and keep the breakout movement above 45,000 $.

After acquiring an additional 3,907 bitcoins, software company MicroStrategy now holds more than 100,000 bitcoins, worth around $ 3 billion at today’s rates. It is one of many large companies to have invested heavily in bitcoin over the past year amidst a backdrop of strong intuitive interest in the space and bullish price predictions.

MicroStrategy CEO Michael Saylor is among the most optimistic about the future price of bitcoin, saying he believed earlier this year that it could potentially reach $ 5 million.

The company’s bitcoin purchase was part of nearly $ 10 billion worth of cryptocurrency acquired by whales between late June and late August, according to Chainalysis data similar to purchase levels seen in February.

Other leading cryptocurrencies have also seen sharp price increases in recent weeks, with Ethereum (ether), Cardano (ada) and Binance Coin among the top performers.

Market momentum has led some crypto analysts to predict new all-time highs before the end of the year.

The positive trend is no problem as long as bitcoin stays above its 200-day moving average at $ 45,750, said Daniela Hathorn, market analyst at currency exchange firm DailyFX.

Going forward, the main challenge for buyers will be to consolidate gains towards $ 55,000 without losing momentum along the way.

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