Bitcoin whales have accumulated 218,000 BTC over 18 weeks, maintaining $113,000 and are expected to hit new highs!

The Bitcoin (BTC) market is witnessing a resurgence of whale activity! Over the past 18 weeks, whales holding 10-10,000 BTC have collectively absorbed more than 218,000 Bitcoins, accounting for 68.44% of the total supply across the network. This phenomenon not only highlights the unwavering confidence of long-term funds but also ignites hope for Bitcoin's future breakthrough of historical highs. Can BTC hold the key support at 113,000 USD and further challenge 124,000 USD? This article provides an in-depth analysis.

Whale actively accumulates, long term confidence is reinforced again

Market analyst Aria Nakamoto pointed out that over the past 18 weeks, whales have accumulated an additional 218,570 BTC, indicating that major funds are actively positioning themselves. The continuous absorption by such large holders is often seen as a bullish signal, which can often trigger a market sentiment rebound and attract more investors to follow suit. The Japanese financial company Metaplanet has also recently increased its holdings by 463 BTC, further strengthening the long-term positioning of institutional funds.

Technical Analysis: $113,000 support becomes crucial, targeting $124,000

Famous analyst Lingrid stated that Bitcoin has recently shown a false breakout in a triangle pattern, but it is still within an upward channel. As long as BTC can firmly hold the support zone of 112,000-113,000 USD, the rebound momentum is expected to continue, with a target price aiming directly at 124,000 USD, which would set a new historical high, surpassing last month's record of 122,838 USD. If it loses the key support, one should be cautious of downside risks.

Spot Price and Market Sentiment

As of the writing of this article, the Bitcoin price is $114,822, which has slightly increased by 0.4% in the last 24 hours. The accumulation by whales coincides with the market's recovery, and investors' expectations for a new high are gradually warming up. Market observers generally believe that whale behavior will be a key catalyst driving a new round of BTC market movement.

Conclusion

Bitcoin whales have accumulated 218,000 BTC in 18 weeks, showcasing long-term capital confidence. As long as BTC can hold the key support at $113,000, breaking through the historical high of $124,000 is just around the corner. Investors should closely monitor whale movements and key price levels to seize potential market opportunities.