Although Bitcoin ($BTC) is consolidating, short-term whale activity around the asset has surged, a move likely to impact the cryptocurrency.
In this context, on-chain data shows that over 72 hours, whales accumulated approximately 10,000 $BTC, according to insights from Santiment shared by crypto analyst Ali Martinez on April 4.
This accumulation comes as Bitcoin continues to trade below the crucial $70,000 mark. As of press time, $BTC was valued at $66,860, reflecting consolidation after a 0.18% drop in the past 24 hours, while on a weekly basis, the cryptocurrency is up 0.26%.
At current market prices, this accumulation represents buying pressure worth more than $660 million. Such activity typically reflects strategic positioning by large investors who view the current price zone as either undervalued or a strong support level.
Historically, similar accumulation phases have often preceded periods of short-term price strength, particularly when available supply on the market begins to tighten.
Bitcoin price prediction
To determine how Bitcoin may trade in the short term, Finbold sought insights from OpenAI’s ChatGPT model, which outlined several scenarios based on the recent whale activity.
ChatGPT’s analysis points to a mildly bullish outlook for Bitcoin. Continued accumulation could support a move toward the $68,000 to $70,000 range, a key resistance zone. If momentum strengthens and this level is broken, the next upside target could extend toward $72,000.
At the same time, the model noted the possibility of a consolidation phase, with Bitcoin trading between $65,000 and $68,000 as the market digests recent buying pressure.
On the downside, if prices fall despite whale accumulation, it may signal that broader macroeconomic forces or selling pressure are outweighing the bullish signal. In such a scenario, key support levels to watch would be around $64,000 and $62,000.
While whale accumulation is a strong indicator, Bitcoin’s price direction will still depend on wider market conditions, including investor sentiment, institutional flows, macroeconomic trends, and derivatives market activity.
Overall, the base-case outlook for the next few days sees Bitcoin trading within the $66,000 to $70,000 range.
Bitcoin’s strong support
Meanwhile, technical indicators and historical patterns also suggest Bitcoin is sitting on strong support that could drive further gains.
In this case, analysis from Ali Martinez highlights robust structural backing, with the Cumulative Value Days Destroyed (CVDD) metric placing the “ultimate support” at $47,960, a level often associated with macro bottoms.
At current prices, Bitcoin remains well above this floor, signaling a healthy market where long-term holders retain control.
Notably, the CVDD metric tracks when older coins move, effectively resetting cost bases and forming new price foundations. Historically, Bitcoin rarely stays near this level for long, with past interactions marking cycle lows followed by sustained rallies.
Overall, as long as Bitcoin holds above $47,960, the broader uptrend remains intact, with any pullback toward this level likely to attract strong buying interest.
