Bitcoin's price situation didn't change much this week as the leading cryptocurrency struggled to capitalize on its recent gains. According to CoinGecko, BTC is down more than 3% over the past week, casting doubt on whether the bull run will continue.
However, recent discoveries on the network have provided some relief, suggesting that Bitcoin's value could recover significantly over the next few weeks.
Could a whale aggregation cause the bull cycle to continue?
Popular cryptocurrency analyst Ali Martinez said in a post on Platform X that the number of Bitcoin whales has increased significantly over the past few days. This is based on the “Number of organizations with a balance of at least 1000 BTC” indicator from analytics company Glassnode.
According to the latest data from Glassnode, the number of addresses holding at least 1,000 BTC exceeded 1,510 on Thursday, January 18. This figure represents the highest level in more than 15 months (since August 2022).
Chart showing the number of organizations with a minimum of 1000 BTC |Source: Ali_charts/X
Large holders, commonly known as “whales,” are considered important entities in the cryptocurrency market due to their ability to influence prices and market sentiment. Consequently, a noticeable increase in the number of whales often indicates growing confidence in a cryptocurrency—in this case, Bitcoin.
Additionally, this surge in whale calls signals a potential accumulation of funds among large investors and institutions. The acquisition of large amounts of Bitcoin is a positive sign for the market leader, especially in terms of price performance.
A recent report from Santiment strengthens this argument, arguing that increased Bitcoin accumulation by whales will be a “key” factor that will help trigger a new bull trend for the flagship cryptocurrency and the entire sector.
Several events can
(Cont) 👇 pic.twitter.com/qu6SqG4Qis
— Santiment (@santimentfeed) January 20, 2024
The blockchain analytics firm also highlighted the accumulation of stablecoins Tether and USDC as a vital signal for the cryptocurrency market to return to recent highs.
Bitcoin Price Review
At the time of writing, the Bitcoin price is $41,593, reflecting a 1.1% increase over the past 24 hours. However, this does not fully tell the story of the coin's performance over the past day, as it briefly fell below $41,000.
According to CoinGecko, BTC has dropped more than 5% in the last 14 days. The cryptocurrency has erased all the gains and more gained from the recent launch of spot exchange-traded funds in the United States.
However, Bitcoin maintains its place as the largest cryptocurrency in the sector with a market capitalization of over $814 billion.
Bitcoin price returns $41,000 on daily chart |Source: BTCUSDT chart on TradingView.