Lookonchain described through the X platform a case of a large whale that accumulated 1,308 BTC worth almost $90 million since March 6. The significant investment move suggests confidence in Bitcoin’s long-term potential and sends a bullish signal to other investors. According to the latest data, Bitcoin price is around $70,000, showing resistance after losing its price range in early April.
Bitcoin, the leading cryptocurrency, has seen a price surge. Larger investors continue to accumulate significant amounts of this digital asset.
This trend indicates a certain optimism in the market, which is why doubts arise about what the price of the flagship cryptocurrency will be in the coming months of this year.
A Huge Amount of BTC in This Whale’s Account
Since the beginning of the year, real accumulation of Bitcoin by investors can be seen. The increased activity of Bitcoin wallet addresses holding large amounts of the cryptocurrency, called “whales,” plays an important role in shaping market dynamics due to the significant amounts of Bitcoin at their disposal.
Lookonchain analysts recently described, via X, an interesting case of a large whale that accumulated 1,308 BTC worth almost $90 million since March 6. The significant investment move suggests confidence in Bitcoin’s long-term potential and sends a bullish signal to other investors.
It is evident that some enthusiasts do not lose faith in the future of BTC and invest large amounts of money in it. A deeper analysis of the whale’s transaction history reveals interesting patterns.
Major purchases, including a $7.85 million transaction on April 7, indicate a strategic approach to accumulating Bitcoin during price declines. This strategy follows the concept of dollar-cost averaging, where investors buy assets at intervals to offset the impact of volatility.
The highest purchase was just over 123 BTC, made on April 3rd. Its value exceeds USD 8 million. The second largest is the most recent, made this Sunday, April 7, and was 113.7 BTC, which translates into more than $7.8 million.
BTC Price Analysis
According to the latest data, the price of Bitcoin is around $70,000. Therefore, it is showing resilience after losing its price range in early April. Key resistance and support levels currently sit at $71,500 and $68,500 respectively, shaping the current trading range.
From a technical perspective, Bitcoin is showing a short-term bullish trend and the Relative Strength Index (RSI) suggests a continuation of the positive trend. The bullish sentiment is further supported by a potential price target of $71,500 in the near term. Further price movements will depend on market dynamics.
Risk of Investing in Bitcoin
Despite the uncertainty, several optimistic signs point to positive investor sentiment. Market cycle analysis potentially indicates an aggressive bullish cycle.
At the same time, on-chain data suggests the possibility of a brief squeeze above $72,000 due to a large number of leveraged liquidations in this zone, which Bitcoin whales may conduct to increase profits in a possible wave that breaks the resistance.
Looking ahead, the next Bitcoin halving scheduled for April 20 could draw investors’ attention to favorable economic fundamentals. However, Bitcoin’s future price action remains uncertain, highlighting the importance of careful analysis and risk assessment for investors.
The recent accumulation of Bitcoin by whales indicates confidence in the cryptocurrency’s future prospects. Even though positive and bullish signals dominate the market, investors should remain vigilant.
The high market volatility witnessed almost every month shows that even the most experienced investors can “sink” their funds.
By Leonardo Perez
