Despite the correction in the cryptocurrency market, investors who hold large amounts of BTC, “whales,” remain optimistic. Matrixport analysts predict a new support level for Bitcoin (BTC). Although algorithms forecasts are pessimistic, Bitcoin whales are still active in the market and continue to accumulate. Whale optimism is becoming a key aspect to watch as cryptocurrency markets head into uncertain territory.
Despite the recent correction in the cryptocurrency market, investors who own large amounts of Bitcoin, commonly known as “whales,” remain bullish on their favorite digital asset.
Data from Glassnode indicates a dynamic increase in accumulation activity, where the number of Bitcoin holders with more than 1,000 BTC increased 3% in just two weeks.
When Will Bitcoin Recover, According to Matrixport?
According to a new report from Matrixport, Bitcoin price may fall to the support level of $36,739, written by famous crypto journalist Colin Wu:
“A January 26 Matrixport research report predicted that Bitcoin will fall to the support level of $36,739, and the price will rebound from this support level, as the overall liquidity and macro environment remain supportive. It noted that TradeFi’s interest in a Bitcoin spot ETF was not as strong as initially expected. Investors in GBTC are also taking profits,” Chinese reporter Wu posted on X.
However, analysts are confident that the level of support they predicted is a short-term phenomenon. They argue that BTC value will recover quickly if the overall liquidity and macroeconomic environment remains favorable. Some analysts believe that, in this context, investor interest in high-risk assets such as cryptocurrencies is increasing.
Bitcoin Price Influenced by Accumulation and Dips
Analyzing the Glassnode graph presented by Ali Martínez, it is observed that the number of “whale” wallets exceeded 1,500, reaching the value of 1501. This significant increase is an important sign of market recovery, despite the previous correction in prices. of Bitcoin.
Whales appear to continue to provide many investors with information about the current state of the market.
“Even amid this market correction, #Bitcoin whales aren’t slowing down – they’re accumulating more $BTC! In fact, there has been a notable increase in the number of major players: 46 new entrants now own 1,000 #BTC or more, a 3% increase in just two weeks.”
In the context of the increasing accumulation of Bitcoin by whales, a valuable picture emerges in the context of the change in the price of Bitcoin. Despite the increase in the number of Bitcoin holders, the price of this cryptocurrency has been subject to falls, in line with the patterns observed on the graph.
Machine learning algorithms appear to be more pessimistic, predicting a drop to the $35,000 area by February 1 despite the approval of a spot exchange-traded fund (ETF).
Whale Activity and Bitcoin Market Outlook
Recently, Bitcoin was trading at $41,172, up 3.12% on the day. However, on a weekly basis the loss amounted to 6.35% and last week’s correction represented a drop of 5.66%.
Despite the forecasts of pessimistic algorithms, Bitcoin whales are still active in the market and continue to accumulate.
In short, the activity of whales, that is, investors with large amounts of Bitcoin, is an important indicator of optimism towards this leading digital asset.
Despite the price correction, their continued accumulation suggests that they view the current situation as a phenomenon. It was in the short term on the way to new price records. The optimism of whales is becoming a key aspect to take into account. The above, as cryptocurrency markets head into uncertain territory.
By Leonardo Perez
