Bitcoin Analyst: Big Whales Accumulate as Bull Market Approaches

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As in the Crypto Insiders Premium environment Bitcoin (BTC) is down 1.8% in the past 24 hours and down 0.8% since midnight. The current price at the time of writing is $20,000 on crypto exchange FTX and €19,975 on the Dutch exchange bitvavo. Trading volume fell 9.8% in the past 24 hours. The total market cap of bitcoin at the time of writing is $383.5 billion and bitcoin dominance stands at 39.3%.

Bitcoin news from yesterday

Technical Analysis: Bull Market Beginning Near

Yesterday, cryptocurrency analyst Mags.eth shared his view on the current situation of the bitcoin price. In his analysis, he pointed out a possible point where this bear market for bitcoin could end. This doesn’t seem to last long. In his chart, he shows that during each bear market that bitcoin forms a downward trendline. The price will test this trendline at least three times before breaking out.

At the moment we can conclude that bitcoin is again making a similar downward trendline. For now, the price has tested this line twice and it seems that the price is now moving further down to test the line a third time. If history repeats itself, then bitcoin could break out after this. This could potentially be the start of a new bull market for bitcoin.

Fundamental analysis: Behavior 10,000+ bitcoin wallets

The number of wallets that hold 10,000 bitcoin or more is allocated to a select number of investors. The behavior of this whales gives a picture of what big money (often institutional money) is doing. In conjunction with the recent decline in bitcoin price and the overall crypto market, it is interesting to see what bitcoin whales are up to.

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The chart below shows that the number of wallets with 10,000+ BTC has grown steadily over the years. Only after the 2018 correction and during the all time high (ATH) of 2021, a major decline occurred. In addition, it is striking that the number of 10,000+ BTC wallets was at relatively low values ​​during the peaks of 2021 and 2022 because the whales sold a lot of bitcoin during the bull run. It was only in 2013 that these values, of around 85, were achieved earlier. In addition, we have seen a stable increase in the past period.

Although we see a small decrease in the short term, there has been a stable increase in the number of 10,000 BTC wallets over the past few months. This indicates that the big whales have a positive long-term view on bitcoin.

Bitcoin wallets with more than 10,000 bitcoins (source; Glassnode)

Premium crypto analysis of the day: Tezos (XTZ)

Premium members recently received a tezos (XTZ) analysis. The price made a nice upward movement where we seven waves can see. This means that the price is corrective. Here, the analysts from the Discord community of Crypto Insiders expect a minimal drop towards the 50% fibonacci level. So for XTZ, they expect a decline towards $1,5255. After a few days, the price of XTZ managed to follow the expected pattern, whereby the target was achieved. The price has fallen by about 15% since the announced sell zone.

The above XTZ analysis was shared on August 15 in our Discord area for members.

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