On-chain data suggests a potential Bitcoin (BTC) rally may be on the horizon, according to several crypto analysts. Whale activity indicates a possible return of Bitcoin to its all-time high, possibly triggering a significant bull run and pushing the flagship crypto to levels once achieved.
A Bitcoin-focused YouTube presenter, known as Crypto Rover on X (formerly Twitter), highlighted a developing scenario involving massive BTC accumulation by crypto whales. The analyst shared on-chain data showing a 30-day demand change for Bitcoin among permanent holder addresses and ETFs.
#Bitcoin accumulation by whales is sky rocketing.
The greatest bull market of your life is still yet to come. pic.twitter.com/dyrDXGC0xx
— Crypto Rover (@rovercrc) August 7, 2024
Notably, Crypto Rover’s post reveals a demand spike from permanent holder addresses in July, when Bitcoin traded around the $70,000 region. Such a signal suggests crypto bulls are well-invested in Bitcoin despite the cryptocurrency’s recent decline. Crypto Rover interprets this development as a signal for a potential bull run. He described it as “the greatest bull market yet to come.”
Meanwhile, another crypto analyst on X, TheKingfisher, posted a Bitcoin liquidation trend chart, showcasing Bitcoin traders’ liquidation targets. TheKingfisher’s data suggests Bitcoin whales are anticipating a BTC rally towards $73,000, based on their liquidation targets.
The analyst believes a BTC pump may happen soon and may push the price toward the whales’ liquidation targets. However, he warned users to trade cautiously around the liquidation targets, as hitting the $73,000 price level could trigger a massive squeeze.
Bitcoin recovered from a massive crash that saw the flagship crypto fall below $50,000 for the first time since February. The pioneer crypto pulled back 29%, dropping to $49,577 before embarking on a recovery. BTC has rallied 15% in the past two days, with the price trading for $56,980 at the time of writing, according to data from TradingView
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
