Bitcoin continues to set new all-time highs (ATHs) almost daily, with the cryptocurrency recently approaching the much-anticipated $100,000 mark.
This achievement has been driven by the strong activity of whale investors and long-term holders (LTHs), who have played a crucial role in Bitcoin's rise.
Bitcoin Whale Accumulation
Bitcoin whale investors have steadily accumulated Bitcoin over the past month, adding around 56,397 BTC worth $542 million. This persistent buying pressure has significantly supported Bitcoin's price movements, leading it to new highs. Whale activity is considered a bullish signal, as these large-scale investors can influence market trends.
This accumulation indicates that the confidence of both institutional and individual investors is increasing. The whales' sustained bullish sentiment suggests a strong belief in Bitcoin's potential to surpass $100,000. This behavior helps to bolster Bitcoin's current upward trajectory and enables it to withstand potential market corrections.
The long-term holder net unrealized profit/loss (LTH NUPL) metric remains below the euphoria threshold, suggesting further room for growth. Historically, when LTHs have not reached the euphoria peak and maintain substantial unrealized gains, the market has shown additional upside potential.
This indicator suggests that LTHs are not widely engaging in profit-taking and are maintaining confidence in Bitcoin's upward trajectory. This is a strong macroeconomic signal supporting the continuation of the current uptrend and making Bitcoin's $100,000 achievement more attainable.
Bitcoin Price Prediction... Soaring to New Highs
Bitcoin has set a new all-time high of $97,864 earlier today, rising 5.7% over the past 24 hours. This surge reflects increased demand for Bitcoin's upward momentum and growing market confidence.
To reach $100,000, Bitcoin needs to maintain its upward momentum and establish $97,864 as a new support level. If it successfully transitions this resistance to support, combined with whale accumulation and LTH conviction, it could propel Bitcoin to a historic milestone.
However, if profit-taking begins or if whales and LTHs adjust their positions, price corrections may occur. A drop below $89,800 would invalidate the bullish outlook and potentially delay Bitcoin's ascent to $100,000.
