Bitcoin Whales Accumulate Big, Retail Holds Back
Bitcoin's larger stakeholders, known as 'whales', have been accumulating the cryptocurrency over the past 10 days. According to on-chain analytics firm Santiment, these whales added 41,025 Bitcoin to their holdings between September 1st and September 11th.
This brings the total held by wallets with between 10 and 10,000 BTC back up to its highest level since mid-August, at around 13.64 million BTC or 67.93% of Bitcoin's total supply. Historically, this accumulation has been a sign that the market is poised for stronger performance.
On the other hand, retail investors have not been following suit. Wallets holding less than 0.01 BTC have remained largely flat during this period, failing to match the whales' buying spree.
Prominent analyst Kevin Capital believes that Bitcoin's recent technical breakout is a sign that its cycle low may already be in place. He estimates the probability of this at around 90%, and predicts that future pullbacks will increasingly produce higher lows rather than new cycle lows.
Kevin sees the $77,000 to $83,000 zone as a key area for Bitcoin's short-term price action. If it holds here, he expects a move towards $93,500 to $100,000 before encountering stronger resistance. However, if it breaks lower, the next potential accumulation zone could be between $67,000 and $75,000.