The whale accumulation and persistent dip buying of bitcon by institutional investors shows that BTC price has myriads of room to appreciate.
The bulls of Bitcoin has gathered enough strength to push bitcoin through the $60,000 level and an analyst has opined that the bull run has myriads of way to go before reaching any particular resistance.
On March 9th, Bitcoin pushed above $50,000 and since then any dip in bitcoin price has been hurriedly bought by institutional investors and the Whales of BTC has also continued to grow over the past few months.
A Bitcoin Analyst at Jarvis Lab, Ben Lilly, has pointed out the ‘two step forward and one step back’ nature of the highest crypto currenc. Over the past weeks, the price movement of Bitcoin has over the past week risen and is accompanied by ‘four drawbacks of 5%’
The price action of Bitcoin is a good sign of healthy profit taking as vertical prices are ‘only healthy when breaking all time highs’ otherwise known as price discovery.
However, in order to appreciate better where the price of Bitcoin is headed, the analyst further opined that that 63,000 more BTC, which is more than what was held in February, 28 and of which was held by 1,000 BTC and these indicate that the whale waa=llets
To have a clearer view if the where bitcoin price may be going, Lily observed that the wallet size holding 100 to 1,000 BTC hold about 63, 000 more BTC than that of 28th February
To get a better understanding of where price may be headed, Lilly noted that wallet sizes holding 100 to 1,000 BTC hold about 63,000 more BTC than they did on Feb. 28, indicating that these whale wallets have been accumulating since the dip in preparation for the price to move higher.
According to Lilly, “this class of wallets were the ones that timed the 2017 rally the best.”