Rising network activity, $2.24 billion whale accumulation, and unwavering long-term holder confidence signal a bullish outlook for Bitcoin.
The Bitcoin network has shown robust activity, as both whale transactions and daily active addresses continue to rise. This trend signals a positive outlook for potential price appreciation, according to popular crypto analyst Ali Martinez.
Notably, over the past three days, Bitcoin whales have collectively added over 22,000 BTC BTC $106 602 24h volatility: 0.7% Market cap: $2.12 T Vol. 24h: $20.69 B to their wallets, worth more than $2.24 billion at the current market price. This wave of accumulation has been accompanied by notable institutional purchases, including MicroStrategy’s acquisition of an additional 11,000 BTC, bringing its total holdings to an unprecedented 461,000 BTC. Another corporate player, KULR, also joined the Bitcoin acquisition spree, securing 79.39 BTC for $8 million, raising its total stash to 510 BTC.
The ongoing buying spree underscores the growing confidence among large-scale investors in Bitcoin’s long-term potential. Interestingly, this enthusiasm is partly driven by anticipation of a U.S. Bitcoin reserve announcement by the newly-elected US President Donald Trump.
Bitcoin Price Bullish Outlook
This surge in whale activity aligns with Bitcoin’s repeated tests of the $100,000 psychological barrier earlier this month. On January 20, the cryptocurrency briefly surpassed $109,000, achieving a new all-time high. Prominent figures like former basketball star Scottie Pippen have called the $100K price point “dirt cheap” in the context of a global $900 trillion asset market, boldly projecting a $10 trillion valuation for Bitcoin in the near future.
Further cementing Bitcoin’s bullish outlook is the behavior of long-term holders. According to the latest data, the supply held by investors who have retained their BTC for more than 155 days is at its peak, signaling strong conviction in the asset’s future value. This steadfastness among long-term holders suggests they are unlikely to sell, even during price fluctuations.
Meanwhile, spot Bitcoin ETFs reported a staggering $3.26 billion in cumulative inflows over the past four trading days. On January 21 alone, these funds witnessed inflows of $802.5 million, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the pack, accounting for $661.8 million.
This institutional momentum, combined with whale activity, has propelled Bitcoin’s price above $105,000, marking a 3.3% gain in the past 24 hours. Over the past week, BTC has climbed 8%, with its market capitalization now standing at $2.1 trillion.
On the daily chart, Bitcoin is testing the upper band of the Bollinger Band. If the price breaks out sustainably, investors could see a potential upward trajectory in the near future.
The overall cryptocurrency market capitalization has also risen by 3.5%, reaching $3.63 trillion on January 22.
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