In the last seven days, the Bitcoin market has witnessed an impressive rise of at least 7.1%. Yesterday, Bitcoin broke above the crucial $60,000 level. Today, looking at the daily chart of BTC, what we see is a bullish candlestick. There is no doubt that crypto enthusiasts are keenly watching the new developments with immense hope. A new post made on X by the CryptoQuant founder and CEO has something interesting to share about the new Bitcoin market scenario.
Are Whales Accumulating Bitcoin?
The post by Ki Young Ju revolves around Bitcoin whale activities. According to the post, Bitcoin whales have been adding more Bitcoins to their current BTC holdings for the last few days. What this post indicates is that the big players in the Bitcoin market are extremely confident about the growth potential of the cryptocurrency and have not been discouraged by the uncertainty the market has witnessed since the peak of mid-March.
Whales are accumulating #Bitcoin.
Six days of accumulation alerts in a row. Primarily from custody wallet inflows.
Nothing has changed for Bitcoin; we’re in the middle of the bull cycle. pic.twitter.com/DE0A1Khhus
— Ki Young Ju (@ki_young_ju) September 18, 2024
Crypto Custody Wallet Inflows
There is an interesting observation in the post. The post notes that the accumulation is primarily coming from custody wallet inflows. This suggests a possibility that institutions are preparing to hold Bitcoin for the long term, as custody wallets are generally used by institutions to store their BTC holdings.
Is Bitcoin in the Middle of the Bull Cycle?
Certainly, Ki Young Ju is with those who are of the belief that the Bitcoin bull cycle has not yet come to an end. His post states that Bitcoin is in the middle of a bull cycle. The key inference that we can take from his opinion is that the Bitcoin market has not yet reached its peak and so has tremendous potential to grow further.
Bitcoin Market Landscape: An Overview
In the last 30 days, Bitcoin has seen a rise of 3.2%. It has also witnessed a rise of 3.1% in the last 24 hours alone. Analyzing the daily chart of the Bitcoin market, it is evident that the market is moving upwards. At present, the price stands at $60,230. At the start of the month, the price was around $58,909. It dropped to a low of around $53,940 on September 6. Between September 7 and 13, the market experienced a strong bullish momentum. Considering the observation revealed in the post by Ki Young Ju, it is possible there is a correlation between the bullish momentum and the accumulation of BTC by whales, further supporting optimistic Bitcoin price predictions.
In conclusion, the crypto expert’s post shares several interesting insights that can assure Bitcoin enthusiasts that they can expect a bullish fourth quarter this year.
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