Despite already possessing more Bitcoin than over half the crypto community, numerous BTC whales continue to rapidly acquire the cryptocurrency. Thus, taking advantage of any slight dips in its price as buying opportunities to purchase and HODL the pioneer cryptocurrency.
Whale Appetite For Bitcoin Continues To Grow
Usually, it might appear that investors with minimal amounts of Bitcoin would be the ones increasing their holdings by acquiring more of the cryptocurrency. However, recent data from CryptoQuant has suggested otherwise, indicating that the current demand for Bitcoin has actually been growing stronger from large-scale investors.
According to the on-chain analytics provider, BTC’s demand growth has been around the highest ever, at 11% month on month. A significant portion of this demand comes from Bitcoin whales, who have been accumulating the token at a rapid pace.
Julio Monero, the Head of Research at CryptoQuant revealed in a recent blog post that the BTC demand growth from large holders has been one of the major catalysts triggering price rallies in the cryptocurrency. The report indicates the appetite for Bitcoin among these whales has surged to unprecedented levels, underscoring the high value and acceptance of this pioneer cryptocurrency.
Furthermore, with the Bitcoin halving event fast approaching, the hype surrounding the cryptocurrency’s future outlook has been growing steadily. The cyclic halving event could be one of the potential reasons for large-scale investors displaying an insatiable thirst for acquiring the cryptocurrency, as many crypto investors and analysts anticipate a bullish outlook for BTC following the halving event.
Crypto Analyst Reveals BTC’s Next Price Target
On Tuesday, April 9, popular crypto analyst, Ali Martinez predicted that Bitcoin could witness a surge to a new all-time high once it successfully breaks above $70,800.
Sharing a price chart illustrating BTC’s price movement based on a technical pattern, Martinez expressed enthusiasm for a potential bullish breakout for the cryptocurrency. The crypto analyst disclosed that if BTC could maintain a price above $70,800, the cryptocurrency’s next target could become $85,000.
Additionally, market intelligence platform Santiment has revealed that possible declines in Bitcoin’s price are presently viewed as “dip buy opportunities,” as panic stays high to justify a potential recovery.
At the time of writing Bitcoin is trading at $70,895, reflecting a 24-hour daily increase of 2.84% and a weekly increase of 6.94%, according to CoinMarketCap. The cryptocurrency has already successfully crossed Martinez’s $70,800 threshold, however, it remains to be seen if Bitcoin can effectively hold onto its new price point, to potentially amass gains up to $85,000.
BTC price still above $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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