Bitcoin Whales Resume Heavy BTC Accumulation, Altcoins Prepare to Follow Bitcoin’s Bullish Lead

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Market Uncertainty Shapes Bitcoin Whale Behavior During Election Week

  • Bitcoin whales resume heavy BTC accumulation.
  • This along with the recent political changes bodes well for BTC price.
  • Altcoins prepare to follow Bitcoin’s bullish lead.

With Bitcoin (BTC) price back up over the $80,000 price mark, seasoned analysts remain highly bullish on the future of crypto market prices. The crypto market is extremely volatile right now, leading analysts to hedge their risks and accept that at this time, it is riskier to not hold or accumulate crypto. To support this point of view, Bitcoin whales resume heavy BTC accumulation. 

Bitcoin Whales Resume Heavy BTC Accumulation

Since the dip, many entities and new traders sold their BTC in a panic. However, strong holders and long-term Bitcoin believes took the dip for what it really was, an opportunity to accumulate more Bitcoin and other promising altcoins. Michael Saylor’s Strategy and BlackRock were some entities that took advantage of the dip and began to accumulate heavily. During this time, the major sentiment was still very low leading to analysts expecting a much further price drop of 80% – 90% for Bitcoin and the crypto market.

Up until yesterday, the tariff war had many analysts expecting a much greater dip, but soon after Stragey’s big BTC purchase, the market began to change to show more bullish indicators. Several seasoned analysts who were accumulating despite the dip and analysts who caught the bullish signs before the pump took these bullish indicators as a sign for much greater pumps ahead. Thus, despite the volatility, analysts remain bullish this time. 

Altcoins Prepare to Follow Bitcoin’s Lead

As we can see from the post above, other whales are now seeing the stability and have begun to accumulate heavily with one whale having bought 1,800 Bitcoin (BTC) worth $147.94 million on Binance earlier today. The analyst concludes that smart money has begun to accumulate again, showing another bullish indicator for the crypto market. Meanwhile, analysts are keeping a close eye on Bitcoin Dominance to see if altcoins too will recover and move to hit higher targets. 

https://twitter.com/el_crypto_prof/status/1910249606455140436

As we can see from the post above, this analyst highlights how the BTC Dominance chart has once again hit a zone that has led to rejection every time in the last 1.5 years. He also draws attention to the Stoch RSI which is in an overbought area at the same time. The analyst says this has led to a bearish cross formation and expects to see significant pumps ahead for altcoins as well. All in all, it seems that sentiments are steadily rising high leaving many to accumulate before the market turns greedy to reap the most significant gains from the crypto market.

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