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ZyCrypto 2024-12-10 09:57:27

Bitcoin Whales Snap Up $2 Billion in BTC as $200,000 Predictions Gain Momentum

Bitcoin Whales Snap Up $2 Billion in BTC as $200,000 Predictions Gain Momentum

Bitcoin (BTC) is once again capturing attention as whales capitalize on the market’s current dynamics. Notably, over the past 24 hours, these large-scale investors have purchased an astonishing 20,000 BTC, valued at $2 billion. Popular crypto analyst Ali Martinez highlighted this activity on Saturday, tweeting, “Bitcoin whale accumulation is going parabolic. They just bought another 20,000 BTC in the last 24 hours, valued at $2 billion.” This accumulation surge follows another revelation Martinez made on December 4th: “Around 400 new Bitcoin whales, holding between 100 and 10,000 BTC, have joined the network in the last two weeks.” The sudden influx of whale buying follows a volatile week in the Bitcoin market. From December 5 to 6, Bitcoin’s price plummeted from a record high of $103,900 to $90,500, a staggering 13.98% drop, before stabilizing around $98,000. The surge in whale activity, coupled with recent price growth, has sparked increasing speculation that Bitcoin could easily surpass the $200,000 mark in the coming months. An analyst at Bernstein suggests this milestone could be reached as early as 2025. Glassnode founders, popularly known as “Negtropic” on X, also expressed optimism despite Thursday’s flash crash following Bitcoin’s surge past $100,000 . They stated that Bitcoin’s recovery, driven by spot buying, suggests a break above the $98,500 resistance soon, potentially pushing prices toward the $104,000-$105,000 range in the short term. Elsewhere, data from CryptoQuant also highlights a surge in retail investor interest, with the 30-day demand change hitting its highest level since 2020. While increased retail participation often signals a market top, it also reflects growing enthusiasm, which could bolster Bitcoin’s next leg up. Another factor driving optimism is the trend of Bitcoin leaving exchanges. Significant negative exchange netflows, or Bitcoin moving from exchanges to private wallets, indicate ongoing accumulation by whales. This trend reduces the available supply on exchanges, creating favorable conditions for price increases. While the $200,000 target is gaining traction among bullish analysts, some experts warn of potential corrections. Jamie Coates, chief analyst at Real Vision, predicted a two-to-three-month consolidation phase as Bitcoin responds to macroeconomic factors. “Bitcoin has hit new ATHs in the face of a deteriorating liquidity backdrop. If conditions worsen, the rally, while euphoric, can only last for a limited time. However, if conditions improve, the bull market could resume with greater momentum, ” Coates tweeted Friday. BTC traded at $97,300 at press time, reflecting a 1.18% drop in the past 24 hours.

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