Best Bitcoin Price Predictions Amidst Buying BTC From Big Investors

TL;DR

Big Bitcoin investors are accumulating more assets despite recent volatility, which could reduce supply and positively affect the price. Analysts are predicting a strong future rally for BTC, with potential targets between $85,000 and $120,000. Invest instead of panicking

Bitcoin has shown a rather volatile performance over the past three months, with the price hovering between $50,000 and $71,000. It is currently trading around $57,000 (according to CoinGecko data), which represents a 20% decline on a 90-day scale.

BTC Price, Source: CoinGecko

According to IntoTheBlock, however, large investors have not been affected by the increased volatility, accumulating more assets during this period. The platform estimates that market participants holding between 100 BTC and 1,000 BTC have been on a buying spree and now own 20.3% of the circulating supply of Bitcoin or more than 4 million assets. The storage is worth more than $230 billion calculated at current rates.

A few days ago, crypto analytics platform Santiment revealed that the number of Bitcoin wallets with 100 BTC or more has reached 16,120, a 17-month high. The entity explained that the increase in whaling was due to smaller traders “impatiently” selling their assets to bigger players during the recent price falls.

The growing number of large BTC investors could positively affect the price of the asset. After all, accumulating large amounts of Bitcoin leads to a reduction in the available supply in the market. Fundamental principles of economics dictate that this could be a precursor to a recovery assuming demand stays the same or increases.

Whale activities are closely monitored by other market participants. If large investors have activated the accumulation mode, it can give the impression that they expect the price to rise in the future, which can motivate other investors to jump on the bandwagon and therefore inject new capital.

BTC Price Predictions

The asset has been the subject of numerous predictions of late, with some analysts predicting a bright future.

Popular users of X Crypto Rover and Titan of Crypto were among the bullies. The former claimed that BTC’s bull market is “imminent” based on the Bitcoin halving that took place earlier this year. The event takes place roughly every four years and halves the rewards given to miners for validating new blocks on the network. Historically, it has been a precursor to a major rally for the entire cryptocurrency industry.

For its part, Titan of Crypto predicted a BTC price explosion to $120,000 in the following months. The trader believes this is possible due to the high levels of “fear, disbelief and anger” that have reigned in the space lately.

NBA legend Scottie Pippen also made an interesting prediction. He revealed that he had a dream with the anonymous creator of Bitcoin, Satoshi Nakamoto, who told him that the value of the asset could increase to almost $85,000 on November 5, 2024.

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