Bitcoin whales started aggressively buying BTC
Insights from IntoTheBlock, a leading cryptocurrency analytics company, reveal that Bitcoin heavyweights began to significantly increase their investments in the preeminent digital currency following its value descending beneath the $60,000 marker. This trend suggests that major investors are exerting strong purchasing influence.
During the last month, accounts holding in excess of 0.1% of Bitcoin's entire circulating supply witnessed an influx of approximately 55,000 BTC, showcasing conspicuous activity.
In a recent observation, the crypto analyst known by the pseudonym Ali noted the emergence of what can be considered as the initial stages of Bitcoin accumulation. This pattern is thought to interrupt a period of three months marked by distribution.
This past Wednesday saw Bitcoin dip to a daily low of $59,712, an event that led famed critic Peter Schiff to foresee a more drastic downturn ahead.
Nevertheless, market bulls have shown resilience in maintaining the crucial $60,000 threshold, but Bitcoin fell to $57,300. Lookonchain, another analytics provider, correlated the latest descent in price with substantial whale moves to the Binance trading platform.
In a projection made earlier this week, Tom Lee of Fundstrat anticipates that Bitcoin's price could surge to $150,000 before the conclusion of this year.
