The price of Bitcoin (BTC) has fallen 1.66% in the last day after failing to exceed $102,000 on Friday. Currently, the cryptocurrency market leader appears to be in consolidation, with little indication of its next price move. However, recent whale activity has signaled a continued bullish trajectory.
Bitcoin Whales Confident of Future Rally with Rising Accumulation Levels
In a Quictake post on Saturday, CryptoQuant analyst Darkfost highlighted recent Bitcoin whale activity regarding certain price levels.
The popular crypto expert claimed that market whales, i.e. investors with more than 1,000 BTC, have now steadily increased their BTC accumulation every time prices fell between $95,000 and $99,000. Darkfost’s observation may be supported by recent data shared by fellow analyst Ali Martinez, who reported that Bitcoin whales bought 20,000 BTC, valued at over $2 billion, after the asset experienced a flash crash on Friday.
Interestingly, the CryptoQuant analyst claims that BTC whales have shown a similar accumulation pattern as the asset traded in a range of $55,000 to $70,000 for over eight months before embarking on its most recent bull run in November. .
Therefore, rising whale holdings between $95,000 and $99,000 could turn this price range into a strong support zone that drives another price rally in the short to medium term. According to data from CryptoQuant, Bitcoin whale holdings are now just below 12 million BTC, which is a strong bullish signal indicating growing market interest and confidence.
Parabolic rise for BTC?
In other developments, crypto analyst Burak Kesmeci has predicted an incoming parabolic rise for Bitcoin that is tied to a certain condition. Using the Bitcoin Golden Ratio Multiplier (BGRM), Kesmeci was able to identify two important price points for the largest cryptocurrency. These are $100,000, which Bitcoin has already reached, and $125,000.
As the name suggests, BGRM is a trading tool that compares the price of gold with the price of Bitcoin. It is used to evaluate the relative performance of BTC as a store of value against gold and can identify significant resistance and support levels.
According to Kesmeci, the BGRM highlights $125,000 as a critical price level and potential threshold for new bullish movements. By surpassing this price region described as the “second potential bullish high,” Bitcoin is likely to experience a parabolic price gain based on historical data.
At the time of writing, BTC is now trading at $100,130 following a 0.50% gain in the last day. However, the asset’s daily trading volume dropped by a staggering 56.67% and it is valued at $47.51 billion.
Featured image of ZDFheute, Tradingview chart
