- Bitcoin (BTC) is displaying low volatility, with $28,000 acting as a significant resistance level and $27,400 potentially preventing a collapse.
- According to Santiment’s analysis, wallets holding between 1 and 10,000 Bitcoins, categorized as medium and large-sized wallets, have added a total of 71,155 Bitcoins (approximately $1.95 billion) in just the past six weeks.
- From a technical standpoint, Bitcoin’s price appears to be signaling a double-digit percentage increase in the coming weeks.
As Bitcoin focuses on the US jobs reports at the end of the week, Santiment has revealed that Bitcoin addresses have accumulated a substantial amount over the past 6 weeks.
Bitcoin Addresses Continue to Accumulate BTC
Since Monday, Bitcoin (BTC) has exhibited low volatility, with $28,000 acting as a significant resistance level and $27,400 potentially preventing a collapse. Amid the bullish sentiment in October, investors are preparing for a rally that could propel Bitcoin to new highs in 2023.
While some altcoins have recovered strongly from bear market lows, Bitcoin’s dominance remains above 50%. Chainlink (LINK) and Avalanche (AVAX) are among the notable performers.
According to on-chain analytics firm Santiment’s chain analysis, wallets holding between 1 and 10,000 Bitcoins, categorized as medium and large-sized wallets, have added a total of 71,155 Bitcoins (approximately $1.95 billion) in just the past six weeks. This group of investors now holds approximately 15.29 million Bitcoins in total, representing a significant increase over the past two years.
Notably, this substantial accumulation of Bitcoin occurred despite short-term market uncertainty. Institutional investors like BlackRock, through MicroStrategy, continue to accumulate while awaiting SEC approval for spot Bitcoin ETFs next year.
Technical Analysis Points to a Significant Increase
From a technical perspective, Bitcoin’s price appears to be signaling a double-digit percentage increase in the coming weeks. Well-known crypto analyst Captain Faibik suggests that a surprise rally could occur in line with the October narrative. Captain Faibik has set a Bitcoin price target between $35,000 and $36,000, representing an approximately 28% increase.
