As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and fluctuations. However, the recent developments in the Bitcoin market are particularly intriguing. The rapid accumulation by new whale wallets, holding 1.97 million BTC, is reminiscent of institutional investors buying a significant stake in a company. This trend, coupled with the prediction of a potential price surge to $233,000 by Q1 2025, paints a bullish picture for Bitcoin.
Large-scale Bitcoin investors (referred to as “whales”) have significantly increased their holdings of the leading digital currency, accumulating so much that newly created whale wallets currently account for approximately 9.3% of the total Bitcoin supply, which is worth roughly $132 billion.
Based on information from the on-chain analysis company CryptoQuant, initially shared by its CEO Ki Young Ju, it’s been observed that these newly emerged large wallets now contain approximately 1.97 million Bitcoin. The balance in these whale wallets has significantly increased an impressive 813% so far this year.
Ki Young Ju elaborated that each of these wallets holds more than 1,000 Bitcoins and on average, the coins within them are less than 155 days old. These wallets encompass both custodial ones and those belonging to spot Bitcoin exchange-traded funds (ETFs) launched in January, while excluding exchanges and miners.
Recently, newly created Bitcoin wallets are now storing approximately 1.97 million Bitcoins, with each wallet containing more than a thousand coins. The average age of these coins is less than 155 days, excluding wallets belonging to exchanges and miners. These could be custodial wallets. Notably, the value of their Bitcoin holdings has increased by 813% this year, accounting for 9.3% of the total supply, currently valued at around $132 billion.
— Ki Young Ju (@ki_young_ju) October 16, 2024
The CEO of CryptoQuant expressed that the reported percentages appeared excessively high, suggesting it was as if large-scale investors had purchased approximately 8.2% more shares in a company known as Bitcoin over the course of a year.
A cryptocurrency expert has recently forecasted that Bitcoin’s value might soar to an astounding $233,000 by the first quarter of 2025, according to S CryptoGlobe. This prediction is based on a significant technical indicator suggesting that Bitcoin’s current period of stabilization could result in a monumental price rise.
The analyst proposed that Bitcoin’s peaks in its Relative Strength Index (RSI) have historically coincided with increases in its price. By examining current RSI levels against those observed during past bull markets, he forecasted that Bitcoin might reach $233,000 by Q1 2025.
At the moment, Bitcoin is being traded at approximately $67,000 following a substantial increase in value over the past week. Notably, data from CryptoQuant, a leading on-chain analytics firm, indicates that the amount of Bitcoin stored on exchanges has reached an all-time low of 2.6 million BTC, which is a decrease from the 3.3 million BTC observed approximately three years ago.
In the meantime, the Bitcoin network continues to buzz with a considerable amount of transactions being processed and addresses being used. This is due to long-term investors steadily amassing more Bitcoin, while it appears that short-term investors might be offloading theirs.
Reducing Bitcoin holdings on trading platforms implies a decrease in the readily available supply, potentially leading to an increase in Bitcoin’s price if demand stays consistent or rises further.
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2024-10-18 00:36