Bitcoin Whales Continue to Accumulate Despite Market Correction
Despite the recent correction in the cryptocurrency market, Bitcoin whales are showing strong bullish sentiment towards the digital asset. Over the past two weeks, there has been significant accumulation activity among these large holders, indicating their confidence in Bitcoin’s future.
Data from the blockchain analytics platform Glassnode reveals that there are now 46 new entities holding 1,000 BTC or more. This marks a 3% increase in just two weeks. The number of ‘whales’ has surpassed 1,500, up from the previous count of 1,480.
On the other hand, machine learning algorithms predict a price drop for Bitcoin to around $35,000 by February 1. However, these predictions differ from the sentiment of Bitcoin whales who remain optimistic about the digital asset’s long-term growth.
Bitcoin Price Analysis
As of now, Bitcoin is trading at $39,961 with a slight decrease of 0.3% for the day. Over the past week, it has lost 6.35% of its value and declined by 5.66% on its monthly chart.
The continued accumulation activity by Bitcoin whales suggests that they consider the current price correction as a temporary setback rather than a long-term decline. This indicates their belief in Bitcoin’s potential for reaching new all-time highs.
Hot Take: Bitcoin Whales Remain Bullish Despite Market Correction
Bitcoin whales continue to demonstrate their confidence in the digital asset by accumulating more BTC during the recent market correction. Their significant accumulation activity over the past two weeks, which has resulted in a 3% increase in entities holding 1,000 BTC or more, indicates their bullish sentiment towards Bitcoin’s future.
This optimism stands in contrast to the predictions of machine learning algorithms, which anticipate a price drop for Bitcoin in the coming weeks. However, the whales’ actions suggest that they view the current correction as a temporary setback and believe in Bitcoin’s long-term growth potential.
With the number of ‘whales’ surpassing 1,500, it is clear that these large holders continue to see value in Bitcoin despite short-term market fluctuations. This accumulation activity reinforces the notion that Bitcoin remains an attractive investment for those who believe in its long-term prospects.
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