In a surprising turn of events, reports are emerging that whales who had purchased Bitcoin at the peak prices of $16,000 and $20,000 in the past have started to re-enter the market. According to analysts, this could signal a potential bullish trend for the cryptocurrency market.
As per data from CryptoQuant, the stablecoin supply has been on a constant decline, and funds have been leaving the cryptocurrency market. However, the recent injection of funds at the end of 2022 and in March 2023 contributed to the rise in Bitcoin prices.
What’s intriguing is that the whales who had bought Bitcoin at the peak prices of $16,000 and $20,000 are now making a comeback. Analysts suggest that the probable buying period could be between 1M-3M, judging from the UTXO age bands.
At present, the realization price for Bitcoin stands at $26,100, and the movements of the stablecoin supply at the current price range are being closely monitored. Experts are also keeping a close eye on other on-chain movements to understand the future direction of the market.
While it’s still too early to predict whether this trend will continue, the re-entry of these whales into the market has sparked hope among Bitcoin enthusiasts. The recent dip in prices has also attracted investors who were previously on the sidelines, waiting for the right moment to enter the market.
In conclusion, the cryptocurrency market is showing signs of potential bullish momentum, and the movements of the stablecoin supply and other on-chain movements will play a crucial role in determining the future direction of the market.
Source: https://azcoinnews.com/bitcoin-whales-who-bought-at-16k-and-20k-return-to-market.html
