Bitcoin’s Price Stabilizes Amid Whale Activity: Is $120,000 the Next Target?
Bitcoin’s prices are stabilizing after recovering from a dip experienced last week. Despite some whales selling off their holdings, there is substantial interest from institutional buyers who are accumulating cryptocurrencies. This leads to speculation on whether the price of Bitcoin (BTCUSDT) could escalate to $120,000.
Following a downturn on Friday, when Bitcoin bulls faced significant selling pressure, demand surged over the weekend, leading to a price recovery. Traders, however, are cautious and await confirmation of a new upward trend, particularly looking for a breakout above the $112,200 to $120,000 range. A strong rally now could also boost the value of leading Solana-based meme coins.
“As of May 26, the cohort of Bitcoin whales holding at least 10,000 BTC has shifted to net selling, indicating a notable change in their positioning alongside a broad accumulation trend moving down the wallet size curve,” analysts from Glassnode commented.
Why Are Bitcoin Whales Selling?
The selling activity from whales is noteworthy, as they are traditionally influential in price movements, especially after the anticipated approvals for Bitcoin spot ETFs expected early in 2024. As reported, those holding 10,000 BTC or more have drastically switched strategies towards distribution, which typically denotes a significant market shift.
Will Institutions Drive BTC to $120,000?
Notably, institutional investors are actively participating, driving demand through significant investments in Bitcoin ETFs. Recent data indicated that over $211 million was funneled into spot ETFs, primarily from entities such as BlackRock. This institutional engagement is crucial as it not only locks up supply but also provides support that stabilizes market prices.
As more capital enters the market, it could help counteract whale-related selling, thereby reducing pressure on Bitcoin’s price and allowing for a potential leap to higher price levels. If such positive inflows persist, the market might avoid major corrections and instead head towards new record highs. Additionally, the buying activity from Strategy, previously known as MicroStrategy, strengthens these projections as they continue to accumulate Bitcoin at a high rate.
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