Bitcoin (BTC) Price Prediction: Unusual Whale Accumulation Signals Incoming Rebound

The price of Bitcoin (BTC) has continued to trade lower, especially after falling below the $66,000 support level in recent times.

The price of Bitcoin (BTC) has seen better days, especially after falling below the $66,000 support level recently. At press time, the price of Bitcoin is down by 0.52% in 24 hours to $65,394.73.

But despite the lackluster performance of BTC of late, there seems to be a key metric that is signaling an upcoming rebound for the coin.

According to top market analyst Ali Martinez, a total of 12,700 BTC were sent to accumulation addresses in the last 24 hours. This sum is valued at around $840 million and mirrors data insights from crypto analytics platform IntoTheBlock that show an uptick in large transactions.

12,700 $BTC were sent to accumulation addresses in the last 24 hours,

worth around $840 million!

pic.twitter.com/p5OuQxyTeJ

As per the data from IntoTheBlock, large transactions have soared by 67.74% in 24 hours to $49.02 billion. This growing Bitcoin metric is an indication that confidence is already returning to the ecosystem. After an intense price drawdown, there might be a sudden revival in the makings for the premier digital currency.

The large transactions metric from IntoTheBlock tracks any Bitcoin transaction that carries a value of $100,000 or more. Smaller transactions are usually carried out by retail traders, while larger transactions are typically undertaken by whales, OTC desks, or exchanges.

An increase in smaller transactions is usually an indication of retail interest in the market, while an uptick in large transactions might be linked to over-the-counter (OTC) trades, exchange outflows, or whale accumulation.

In this case, the large transactions might be an indication of whales or institutions accumulating Bitcoin at a lower price, especially after the recent price drop from the $73,000 level.

After rising to an all-time high on 9 November, the price of Bitcoin has faced some difficulties in maintaining momentum. The BTC price dropped by as much as 11% in 24 hours on 20 November after facing resistance at the $73,000 level.

However, the price of Bitcoin later recovered from the support level at $66,000 and has since been trading sideways. The flattening momentum in the BTC price is also highlighted by the flattening moving averages (MAs) on the 1-day chart.

After falling below the 50-day MA on 20 November, the price of Bitcoin has since recovered and is now trading above both the 50-day MA (second blue wave) and the 200-day MA (orange wave).

The flattening MAs might be an indication of a lack of strong directional bias in the market, especially after a period of intense price drawdown.

After rising to an all-time high on 9 November, the price of Bitcoin has faced some difficulties in maintaining momentum. The BTC price dropped by as much as 11% in 24 hours on 20 November after facing resistance at the $73,000 level.

However, the price of Bitcoin later recovered from the support level at $66,000 and has since been trading sideways. The flattening momentum in the BTC price is also highlighted by the flattening moving averages (MAs) on the 1-day chart.

After falling below the 50-day MA on 20 November, the price of Bitcoin has since recovered and is now trading above both the 50-day MA (second blue wave) and the 200-day MA (orange wave).

The flattening MAs might be an indication of a lack of strong directional bias in the market, especially after a period of intense price drawdown.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-prediction-unusual-whale-accumulation-signals-incoming-rebound.html

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