- Old Bitcoin whales’ are selling to new institutional players, reshaping market dynamics.
- Bitcoin may surge 10% to $77K if it holds above the $70K threshold.
- BTC’s 24-hour trading volume has spiked by 25%, reaching $42.392 billion.
The market activity of Bitcoin has drawn attention as the changes in ownership patterns have become evident. On-chain data reveals that old established Bitcoin holders, known as ‘old whales,’ are transferring their Bitcoins to new institutional investors, implying a shift in market dynamics.
Notably, this movement of Bitcoin is happening between these large-scale holders, known as ‘whales,’ and not spreading widely among retail investors. On the same accord, a chart from analyst Axel Adler Jr., shared by Ki Young Ju, CEO of CryptoQuant, captures the shifting dynamics between investor classes.
The chart specifically compares the supply and demand trends of new versus established Bitcoin investors over an extended period. This distinction between new and established investors is crucial, as it highlights the growing interest from traditional financial institutions in the crypto space.
Simultaneously, technical analysis from other sources, such as Ali Martinez, suggests that Bitcoin is on the verge of a bullish breakout. Observations of a ‘bull flag’ pattern on the 4-hour chart hint at a possible significant price surge.
Based on this outlook, if Bitcoin’s price holds above the $70K level, it could experience an increase of around 10%, reaching a new all-time high of $77K. In tandem with the positive outlook for crypto, Bitcoin has gained a 1.23% rise during the previous 24-hour period.
BTC/USD 24-Hour Chart (Source: CoinMarketCap)
As of press time, Bitcoin’s price has reached $70.62K. This upswing comes despite the coin experiencing some volatility earlier in the week. Alongside the rise in its price, Bitcoin’s market capitalization has climbed by 1.32%, reaching a notable $1.389 billion.
Complementing these gains, there has been a significant uptick in activity, as reflected by the 25.02% increase in intraday trading volume, which has surged to $42.392 billion, signaling heightened investor interest and market movement.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
