Whales ready to push BTC higher accumulate $931 million worth of Bitcoin

• Bitcoin whales have been amassing the asset in a sustained manner since September 27th.
• Large wallet investors holding 100 to 10,000 Bitcoins have added upwards of $931 million in BTC to their portfolio.
• Analysts believe that the Bitcoin price could break past its three-week range of $20,400.

Major wallet investors on the Bitcoin blockchain have shown signs of continued accumulation throughout the bear market. Analysts have predicted a rally in the Bitcoin price in the short term.

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Whales raise $931 million in Bitcoin

Bitcoin whales have been consistently accumulating Bitcoin in the current bear market. According to data from crypto intelligence tracker Santiment, large wallet investors holding between 100 and 10,000 Bitcoins have collectively returned 46,173 Bitcoins to their wallets. USDT stocks of these whales have fallen.

Bitcoin Whale Accumulation

Usually, the accumulation of whales is a bullish indicator for the Bitcoin price. Sentiment data also revealed that the supply of Bitcoin to exchanges has decreased. Less than 9% of Bitcoin’s supply is on exchange wallets, for the first time since 2018. This could be taken as a sign of a bullish trend reversal in the asset.

Bitcoin price pushed past $20,000 on hopes of a Fed pivot

Bitcoin continued to build bullish momentum on hopes that the US Federal Reserve will pivot away from its aggressive liquidity measures. While experts remain skeptical about whether the Fed will slow its liquidity tightening, crypto supporters expect this to happen and to push risk assets back to center stage.

At press time, Bitcoin is trading at $20,176. The largest cryptocurrency by market capitalization has posted a 7% gain over the past week.

Analysts optimistic on Bitcoin price rally

Johnny (@CryptoGodJohn), a pseudonymous analyst and trader on crypto Twitter, believes that the Bitcoin price will break past the three-week high of $20,400. The analyst remains cautious about the bear market and asks traders to be aware of $20,400 -level of Bitcoin breaks past it.

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