Bitcoin Whales are Accumulating Hard—Has the Rally to $100K Reinstigated?
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The Bitcoin bull market is underway! The BTC price just reclaimed the crucial $97,000 price level, suggesting the bulls have jumped back into action. With the growing certainty over the crypto space, the traders and the institutions seem to have become bullish on Bitcoin. Therefore, the price appears primed for a big Friday move, which could have the most bullish close for the month.
During the bull run, every pullback is considered healthy, offering a good opportunity to stack up at the lower range. This appears to have been utilised by the bulls very well, as they have begun to accumulate BTC ever since the token retraced from $93,000 to the interim lows below $90,000.
The data from Cryptoquant suggests the BTC whales may have seized the $90,000, buying over $1.5 billion in Bitcoin. Large investors often see market dips as opportunities and hence when the whales accumulate, it signals a potential upward momentum ahead. Now that the price has begun ranging high, will it reach $100K in the upcoming weekend?
The short-term price action of Bitcoin suggests the price is slowly and steadily heading towards the final resistance zone before the ATH between $98,113 and $98,414. After a brief bearish trend, the Ichimoku clouds have again flipped back to bullish while the MACD is entering into a positive range while being under bullish influence. Besides, the volume has hit the lower range and hence an excessive contraction does result in a massive explosion. Hence, a massive rise in the buying pressure is expected during the weekend, elevating the levels to $100K.
Crypto adoption is skyrocketing as major institutions continue to invest in Bitcoin. Besies, the token has always been a hot topic of conversation at the Thanksgiving table. More often than not, Thanksgiving has led to the continuation of the overarching trend. Hence, it is suspected to be the catalyst for the next Bitcoin breakout. During the halving years, the BTC price has always recorded an average return for December of around 38%, which suggests the token is on track towards $100K.
