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Bullish Whales Set Sights on $70k Rally

Step 1 Content Rewriting:

Bitcoin’s price surged to a remarkable $64,000 on Feb. 28, with market indicators pointing to a potential rally pushing it to new all-time highs above $70,000.

On Feb. 28, Bitcoin (BTC) once again made headlines as its price reached a peak of $64,000 on a daily timeframe, marking its highest price in 830 days. With whale investment metrics signaling positive trends, there is speculation of a new record-high for the pioneering cryptocurrency.

Bitcoin whales maintaining control: Holding 60% of total supply

The approval of the Bitcoin ETF marked a significant milestone for the cryptocurrency sector. As of Feb. 28, the overall market capitalization of the crypto industry soared by $450 billion, reaching a three-year high of $2.25 trillion.

The surge in inflows into the crypto sector was primarily fueled by the exceptional demand from 10 newly-established Bitcoin ETFs, collectively amassing over 665,850 BTC, valued at around $40 billion, within just six weeks of trading.


Bitcoin whales invest $700b as BTC price heads to $70k - 1
Bitcoin ETFs On-chain Holdings, Feb. 28, 2024 | Source: TheBlock

Examining the on-chain data reveals that beyond the ETF holdings, a diverse range of major corporate entities and high-net-worth investors have delved into the BTC market. The validation provided by the U.S. Securities and Exchange Commission’s (SEC) approval has been instrumental in driving this trend.


Bitcoin (BTC) Whales Balances Trend vs. Price
Bitcoin (BTC) Whales Balances Trend vs. Price | Source: Santiment

According to the Santiment chart, the historical trend of Bitcoin balances in whale wallets holding a minimum of 100 BTC (~$600,000) depicted a significant shift between May 2022 and January 2023. During this period, whales divested 500,000 BTC from their stash, coinciding with the TerraUST and FTX crisis of 2022 that exposed governance and internal control issues.

Following official Bitcoin filings by BlackRock confirmed by the SEC around September 2023, whales initiated BTC repurchases. Additionally, the demonstrated faith by entities like MicroStrategy and sovereign nations like El Salvador and the Central African Republic in recent times has bolstered corporate confidence in Bitcoin.

As of Feb. 28, whales held 11.7 million BTC valued at roughly $714 billion, representing 60% of the current circulating supply, reaching a level not seen in over two years.

Institutional investors typically have a longer investment horizon compared to retail traders, leading them to accumulate and retain substantial amounts of BTC. This strategic accumulation diminishes the available supply, fostering scarcity and exerting upward pressure on prices.

By commanding a significant portion of the market supply, the resurgent Bitcoin whales are poised to propel the price of Bitcoin towards an anticipated all-time high above $70,000 in the near future.

Price forecast: Can Bitcoin reach $70,000 in March 2024?

As of Feb. 28, Bitcoin is trading at $59,141. Should the trend of whale buying persist into March 2024, the price rally of BTC is likely to progress towards $70,000.

However, historical accumulation patterns reveal that BTC may face strong resistance in the $62,400 region.

IntoTheBlock’s data on in/out of the money suggests that 326,790 addresses acquired 94,990 BTC at the peak price of $62,424. Since these investors have been at a loss since November 2021, a breakout in the BTC price could trigger exits.

Breaking through this sell-wall could pave the way for a significant bullish momentum, potentially driving Bitcoin to a new all-time high exceeding $70,000 as anticipated.


Bitcoin (BTC) Price Forecast, Feb 2024
Bitcoin (BTC) Price Forecast, Feb. 2024 | Source: IntoTheBlock

On the contrary, a sharp downturn below $55,000 could see bears taking control of the markets. Nonetheless, this scenario appears unlikely at present, given the substantial support buy-wall established in the $57,360 territory.

Step 2 Content Enrichment:

In the current volatile cryptocurrency market, the role of Bitcoin whales, major institutional investors, and high-net-worth individuals in shaping the trajectory of the digital asset sector cannot be overstated. Their actions and sentiments often serve as leading indicators of market movements, influencing the behavior of retail traders and smaller investors.

The surge in demand for Bitcoin ETFs and the subsequent influx of capital into the market underscores the growing mainstream acceptance and adoption of cryptocurrencies as legitimate investment assets. This institutional validation, coupled with regulatory approvals and endorsements, has instilled confidence in both retail and institutional participants, fueling further interest and investment in Bitcoin and other digital currencies.

The historical data on whale movements, especially during periods of market volatility and uncertainty, provides valuable insights into the intricate dynamics of the crypto market. The correlation between major events, such as regulatory decisions, crises in traditional financial markets, and technological advancements, with whale behavior sheds light on the factors driving their strategic decisions and market positioning.

The ongoing accumulation of Bitcoin by whales, particularly in the wake of regulatory clarity and institutional support, signals a bullish sentiment and long-term confidence in the asset’s value proposition. As these influential market participants continue to wield significant control over the supply and demand dynamics of Bitcoin, their actions are poised to steer the price trajectory towards new highs and potentially reshape the broader landscape of the cryptocurrency market.

The intricate interplay between whale activity, price trends, and market dynamics underscores the evolving nature of the crypto ecosystem and the strategic considerations that investors, traders, and stakeholders must navigate in this rapidly evolving space. By delving deep into the underlying mechanisms and motivations driving whale behavior, market participants can gain a deeper appreciation of the nuances of the crypto market and make informed decisions in an increasingly complex and dynamic environment.

Step 3 SEO Optimization:

To optimize this article for SEO, it’s essential to incorporate relevant keywords strategically throughout the content. Some examples of keywords related to this topic could include “Bitcoin price rally,” “Bitcoin whales,” “Bitcoin ETF approval,” “cryptocurrency market capitalization,” “institutional investors Bitcoin,” and “BTC price forecast.”

By naturally integrating these keywords into the rewritten content, we can enhance the article’s visibility and relevance to search engines. Additionally, utilizing subheadings, bullet points, and multimedia elements like images and figures can improve the overall readability and user experience, further boosting the article’s SEO performance.

By following these guidelines for content refinement, expansion, and SEO optimization, we can create a comprehensive and engaging article that not only captures the nuances of the evolving cryptocurrency market but also resonates with readers and search engines alike.

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