- Bitcoin’s recent surge has pushed it to a new all-time high of $97,890, with $100,000 in sight.
- Whale and shark wallets have accumulated over 56,000 BTC, indicating strong market confidence.
- Experts predict Bitcoin may experience a short-term correction but could eventually reach $135,000 in the coming months.
Bitcoin (BTC) has been making waves in the cryptocurrency market, with its recent surge pushing the price to an impressive new all-time high (ATH) of $97,890. With BTC inching closer to the coveted $100,000 mark, it’s clear that the rally is far from over. However, despite the excitement surrounding this milestone, experts predict a short-term correction before BTC continues its upward trajectory.
Bitcoin’s Surge and Whale Accumulation Trends
According to data from Santiment, Bitcoin reached its latest ATH just 90 minutes ago, fueling further optimism among investors. One key factor to watch in the coming weeks is the activity of whale and shark wallets, which hold at least 10 BTC. These large holders have been steadily accumulating BTC over the past month, with an additional 56,397 BTC now in their possession, worth approximately $5.428 billion.
Interestingly, the consolidation among these whale and shark wallets has become more pronounced, with fewer but larger addresses holding a greater share of the total supply. Despite a decline of 1,256 whale wallets (-0.82%) over the last month, these key stakeholders are now holding more of the market’s BTC, signalling continued confidence in the asset.
As Bitcoin’s rally shows no signs of slowing down, many are watching the behaviour of whale and shark wallets closely. Their continued accumulation could provide critical insights into how long this bull market might last. While a short-term correction is expected, the overall trend remains bullish, with many analysts predicting further gains.
Bitcoin May Hit $135K Based on December 2020 Trends
Crypto expert Ali Martinez shared a positive outlook for Bitcoin, drawing comparisons to its performance in December 2020. Martinez points out that Bitcoin’s current chart pattern and Relative Strength Index (RSI) are nearly identical to those seen before the significant price surge of 2021. If the pattern holds, Bitcoin could reach $108,000 before experiencing a minor drop to $99,000. From there, the market could see another massive surge, potentially driving BTC to $135,000.
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