{"id":649726,"date":"2024-10-25T08:30:19","date_gmt":"2024-10-25T08:30:19","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=649726"},"modified":"2024-10-24T17:26:37","modified_gmt":"2024-10-24T17:26:37","slug":"bitcoin-price-rebounds-above-67000-as-whales-continue-to-accumulate","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-price-rebounds-above-67000-as-whales-continue-to-accumulate\/","title":{"rendered":"Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. Despite these fluctuations, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/671a19b01336e76f6a82958e-Whales-holdings-are-at-an-all-time-high\" target=\"_blank\" rel=\"noopener nofollow\">insights<\/a> regarding whale activity.<\/p>\n<p data-pm-slice=\"1 1 []\">According to the analyst, whales\u2014large holders of Bitcoin\u2014now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase by whales is being seen as a positive signal for Bitcoin\u2019s long-term outlook.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-current-decline-could-be-temporary-key-signs-of-a-rally-revealed\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Current Decline Could Be Temporary\u2014Key Signs of A Rally Revealed<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Whale Continues Accumulation<\/h2>\n<p data-pm-slice=\"1 1 []\">BaroVirtual emphasized that when whale holdings reach<a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/200000-bitcoin-by-2025-asset-manager\/\" target=\"_blank\" rel=\"noopener \"> such high levels<\/a>, Bitcoin tends to remain in a sideways trading pattern or experiences mild price declines. This accumulation phase, however, often serves as a precursor to significant upward movement in the cryptocurrency&#8217;s value.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35304\/quicktake\/einR68jSz_6da3dc23b2812cb96f8a3e977cba61f9f1673a609ecfd8fc56239522101888bf.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin whales holdings\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin whales holdings. |Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">The analyst described this phase as the &#8220;calm before the storm,&#8221; suggesting that a major price surge could be on the horizon as whales gradually reduce their holdings. This pattern has historically led to long-term price increases for Bitcoin.<\/p>\n<p data-pm-slice=\"1 1 []\">BaroVirtual also warned of potential risks tied to the upcoming US presidential elections, noting that if Bitcoin fails to update its all-time high between the elections and late November, it could signal deeper issues within the <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/number-of-bitcoin-bulls-increases-as-funding-rate-shows-steady-growth-details\/\" target=\"_blank\" rel=\"noopener \">current bull cycle<\/a>. The post on the CryptoQuant QuickTake platform read:<\/p>\n<blockquote>\n<p data-pm-slice=\"1 1 []\">Finally, if the all-time price high between the US presidential elections and November 28 (+\/- 21 days) is not updated, this will indicate severe problems with the current bull cycle, and things will get ugly.<\/p>\n<\/blockquote>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Market Performance And Outlook<\/h2>\n<p data-pm-slice=\"1 1 []\">In parallel with these developments, Bitcoin has seen a rebound in price <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-current-decline-could-be-temporary-key-signs-of-a-rally-revealed\/\" target=\"_blank\" rel=\"noopener \">following a recent dip that followed its attempt to break through the $70,000 level on Monday<\/a>. After the correction, Bitcoin is currently trading at $67,658, marking a 2.4% increase in the past day.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/F59I0rN9\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">This price recovery aligns with technical signals indicating a potential continuation of the bull run. A well-known crypto analyst known as CryptoBullet recently noted on X that Bitcoin\u2019s weekly Moving Average Convergence Divergence (MACD) indicator has crossed into <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-retests-65000\/\" target=\"_blank\" rel=\"noopener \">bullish territory<\/a> for the first time since October 2023.<\/p>\n<p>CryptoBullet highlighted that this setup is reminiscent of Bitcoin&#8217;s 2021 price action, which saw a similar vertical rally followed by a <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-bears-lose-control-as-btc-net-taker-volume-shifts-positive\/\" target=\"_blank\" rel=\"noopener \">mid-term correction<\/a>. However, unlike 2021\u2019s deeper correction, the current phase has taken more time to unfold but has not been as severe.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-retests-65000\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What\u2019s Next<\/a><\/div>\n<p>The analyst remains optimistic, predicting that Bitcoin will likely break out of its multi-month consolidation phase, leading to a new all-time high in price.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> Weekly MACD crossed bullish for the first time since October 2023! \ud83d\udc40<\/p>\n<p>But this picture reminds me a lot of 2021: same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it\u2019s not that deep, it just took more time).<\/p>\n<p>Now <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> is\u2026 <a href=\"https:\/\/t.co\/q03dN7GgS6\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/q03dN7GgS6<\/a><\/p>\n<p>\u2014 CryptoBullet (@CryptoBullet1) <a href=\"https:\/\/twitter.com\/CryptoBullet1\/status\/04996374?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 23, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. Despite these fluctuations, a CryptoQuant analyst under the pseudonym BaroVirtual has shared some encouraging long-term insights regarding whale activity. According to the analyst, whales\u2014large holders of Bitcoin\u2014now control approximately 670,000 BTC, the highest amount ever recorded. This accumulation phase by whales is being seen as a positive signal for Bitcoin\u2019s long-term outlook. Related Reading: Bitcoin\u2019s Current Decline Could Be Temporary\u2014Key Signs of A Rally Revealed Whale Continues Accumulation BaroVirtual emphasized that when whale holdings reach such high levels, Bitcoin tends to remain in a sideways trading pattern or experiences mild price declines. This accumulation phase, however, often serves as a precursor to significant upward movement in the cryptocurrency&#8217;s value. The analyst described this phase as the &#8220;calm before the storm,&#8221; suggesting that a major price surge could be on the horizon as whales gradually reduce their holdings. This pattern has historically led to long-term price increases for Bitcoin. BaroVirtual also warned of potential risks tied to the upcoming US presidential elections, noting that if Bitcoin fails to update its all-time high between the elections and late November, it could signal deeper issues within the current bull cycle. The post on the CryptoQuant QuickTake platform read: Finally, if the all-time price high between the US presidential elections and November 28 (+\/- 21 days) is not updated, this will indicate severe problems with the current bull cycle, and things will get ugly. Bitcoin Market Performance And Outlook In parallel with these developments, Bitcoin has seen a rebound in price following a recent dip that followed its attempt to break through the $70,000 level on Monday. After the correction, Bitcoin is currently trading at $67,658, marking a 2.4% increase in the past day. This price recovery aligns with technical signals indicating a potential continuation of the bull run. A well-known crypto analyst known as CryptoBullet recently noted on X that Bitcoin\u2019s weekly Moving Average Convergence Divergence (MACD) indicator has crossed into bullish territory for the first time since October 2023. CryptoBullet highlighted that this setup is reminiscent of Bitcoin&#8217;s 2021 price action, which saw a similar vertical rally followed by a mid-term correction. However, unlike 2021\u2019s deeper correction, the current phase has taken more time to unfold but has not been as severe. Related Reading: Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What\u2019s Next The analyst remains optimistic, predicting that Bitcoin will likely break out of its multi-month consolidation phase, leading to a new all-time high in price. #Bitcoin Weekly MACD crossed bullish for the first time since October 2023! \ud83d\udc40 But this picture reminds me a lot of 2021: same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction (however, this time it\u2019s not that deep, it just took more time). Now $BTC is\u2026 pic.twitter.com\/q03dN7GgS6 \u2014 CryptoBullet (@CryptoBullet1) October 23, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":649734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,83531],"class_list":["post-649726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rebounds Above $67,000 As Whales Continue to Accumulate<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) is currently witnessing a price recovery after a brief dip earlier in the week. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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