Bitcoin Price Set for $70,000 Rally as Whales Accumulate Amid Retail Capitulation

Bitcoin's price has been stuck in a consolidation phase between $58,076 and $66,896 since early July, but on-chain data suggests it may be about to break out. According to Santiment, Bitcoin holders with balances of less than 0.01 BTC have seen their holdings decline by 0.59% since July 29, while those with balances between 10 and 10,000 BTC have increased theirs by 0.34%. This trend indicates that retail investors are selling out, while whales are accumulating more Bitcoin.

Furthermore, the US spot exchange-traded funds (ETFs) have seen a net cash inflow of approximately $754.69 million in August, increasing their total net assets to $78.77 billion at press time. This renewed demand from whales is likely to drive Bitcoin's price up towards $70,000.

From a technical analysis standpoint, the BTC supply in loss has hit an all-time high, which historically marks the end of a macro bear market. With this in mind, it seems that Bitcoin's price is well-positioned for a rally towards $70,000 and beyond if whales continue to accumulate while retail investors capitulate.