- “Shark” and “whale” investors accumulated 51,959 BTC on March 24, reflecting confidence ahead of the upcoming halving.
- Bitcoin halving event anticipates positive impact, with expectations of price increase due to scarcity of issuance.
During Bitcoin’s recent movements, key points have been made about the current situation and its possible near-term price behaviors, especially in relation to the upcoming halving event.
🐳📈 #Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years.
🔼51,959 collective #Bitcoin were accumulated by wallets that hold between 10-10K $BTC on… pic.twitter.com/vT4fRUVYs7
— Santiment (@santimentfeed) March 25, 2024
Significant accumulation by key investors: The report mentions that key investors, identified as “sharks” and “whales” holding between 10 and 10,000 coins, accumulated 51,959 BTC in a single day (March 24), representing about 0.263% of the total available Bitcoin supply.
This action suggests an increase in confidence or a long-term investment strategy by these significant investors ahead of the upcoming halving.
Anticipated positive impact of halving on prices: The massive accumulation and interest from significant investors could indicate a positive expectation toward the Bitcoin halving event, scheduled for approximately three weeks after the report date. Historically, halving events have led to increases in Bitcoin prices due to a reduction in the rate of issuance of new coins, increasing scarcity.
Resilience in the face of pre-halving pullbacks: Despite concerns about a significant pullback prior to halving, the Bitcoin price only experienced a modest drop of about 17% from its all-time high on March 14. The rapid recovery and BTC accumulation suggest that the retracement phase may be winding down, setting the stage for a potential upside move as halving approaches.
🚀 #Bitcoin makes a bold comeback, soaring to $71K! A staggering 52K BTC, valued at $3.4B, was snapped up in a day, signaling a possible end to the pre-halving dip. With the halving just around the corner, is this the start of a bullish wave? 🌊 #CryptoRise #BTCRebound #BTC… pic.twitter.com/frFEgggMW8
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) March 26, 2024
You can also read: Halving boosts confidence in BTC prices
Price resilience and optimistic outlook: Bitcoin’s ability to maintain its price levels despite market volatility and significant accumulation by major investors reflects a positive outlook for the cryptocurrency. This could signal an end to the pre-halving retracement and pave the way for upside momentum in anticipation of the event.
The a recent accumulation activity, coupled with Bitcoin’s price resilience, suggests cautious optimism among investors and analysts about the impact of the upcoming halving on Bitcoin’s value, potentially signaling the end of the pre-halving retracement and setting the stage for future upside momentum.
