Whale account grows to be a bullish signal, Bitcoin price is ready to soar?
Bitcoin remained in a period of consolidation at the start of the week, with the price remaining in the $33,000 to $36,000 range since early July.
Having touched the level of US$ 35,943.24 on Monday (July 5), Bitcoin price then dropped to US$ 33,333.90, according to CoinDesk data.
As of 21:35 WIB, the price of the asset with the largest market capitalization in the world was at US$ 33,694.97, down 4.51% compared to the previous 24 hours.
However, the latest crypto market data from analytics firm Glassnode shows, there has been a significant increase in so-called whale accounts, which is usually a bullish signal.
The increase in crypto whales, accounts holding more than 1,000 Bitcoins, coincided with a record that brought Bitcoin price to an all-time high above $64,000 last April.
The number of whale accounts hit their highest level in the last two months, leading to speculation that a significant Bitcoin price hike could be on the way.
Glassnode data revealed that the number of whale accounts increased by 80,000 to 4.126 million, only a few hundred thousand from the record high seen in February 2021.
An increase in crypto whales is usually seen as a bullish sign. Because, showing those who have the most power in the market are currently collecting Bitcoin.
“The recent increase in whale account balance suggests a bottom may have been reached,” said CoinDesk's Omkar Godbole.
However, the latest crypto market data from analytics firm Glassnode shows, there has been a significant increase in so-called whale accounts, which is usually a bullish signal.
The increase in crypto whales, accounts holding more than 1,000 Bitcoins, coincided with a record that brought Bitcoin price to an all-time high above $64,000 last April.
The number of whale accounts hit their highest level in the last two months, leading to speculation that a significant Bitcoin price hike could be on the way.
Glassnode data revealed that the number of whale accounts increased by 80,000 to 4.126 million, only a few hundred thousand from the record high seen in February 2021.
An increase in crypto whales is usually seen as a bullish sign. Because, showing those who have the most power in the market are currently collecting Bitcoin.
“The recent increase in whale account balance suggests a bottom may have been reached,” said CoinDesk's Omkar Godbole.