The last few weeks have been good to Bitcoin, although the crypto seems to fall short of breaking the $12,000 resistance to cruise for $15k. However, it’s not lost on anyone that Bitcoin’s price has seen a significant move upwards compared to the latter days of the year. The top coin ushered in its moment of glory after the May halving, an event that many expected to thrust the coin into the bull market.
While a serious bull run is yet to mount, it’s pretty noticeable that Bitcoin is preparing for something. Large whales are still accumulating and the market hype is still on. Grayscale, a crypto investment firm, has been buying Bitcoins in tens of thousands. In the last two weeks alone, the firm bought over 14,000 Bitcoins while another firm, Microstrategy, bought over 21,000 Bitcoins over the same period. Interestingly, BTC miners produced only 12,594 BTC in the last two weeks.
Huge Stash Unmoved
Apparently, around 40% of the total BTC supply hasn’t moved from their wallets in over 2 years, meaning that many Bitcoin whales are in for the long haul.
Also, it seems that no large HODLer wants to sell in the current highs and take in profits. This, and the fact that big whales like Grayscale are still accumulating aggressively, points to a rather serious sentiment that Bitcoin is headed for the moon.
Kraken Refers To History
While many have floated the idea that Bitcoin still has a future in high-price spaces, only a few entities have actually come up with compelling studies and analyses to back up their claim. Crypto exchange Kraken, based in the US, is the latest big market player to predict a surge in BTC prices in the near future.
According to a report by the exchange, a look into BTC’s market history suggests that time is ripe for the crypto to achieve a 50-200% price increase in the coming weeks and months.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
