- Amid a broader market recovery, the world’s largest cryptocurrency, Bitcoin
(BTC), is approaching $45,000, gaining over 4%.
- On-chain data provider Santiment noted that the Bitcoin price has reclaimed the $44,500 level for the first time since the ‘ETF hangover’ correction that began on January 12.
- Famous cryptocurrency analyst Martinez shed light on an important development in the Bitcoin market and pointed out an important support zone for the leading cryptocurrency.
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In a period when the Bitcoin price is experiencing a recovery, it is observed from the data that whales started to accumulate BTC again.
Bitcoin Whales Continue to Accumulate
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Amid a broader market recovery, the world’s largest cryptocurrency, Bitcoin (BTC), is approaching $45,000, gaining over 4%. This development comes in the context of significant whale accumulation in Bitcoin over the last four weeks.
On-chain data provider Santiment noted that the Bitcoin price has reclaimed the $44,500 level for the first time since the ‘ETF hangover’ correction that began on January 12. This resurgence in price is associated with an increase in holdings in wallets containing 1,000 or more Bitcoins.
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Data shows that large wallet holders, those owning 1,000 BTC or more, have been holding the largest collective amount of Bitcoin for over 14 months. The accumulation trend of these whales, or major investors, signifies an increasing confidence in Bitcoin’s long-term value proposition and could potentially play a role in the recent upward momentum in its price.
Renowned crypto analyst Martinez shed light on a significant development in the Bitcoin market, indicating a crucial support zone for the leading cryptocurrency. According to Martinez, 3 million addresses collectively hold approximately 1.50 million BTC in the price range between $41,800 and $43,080.
Well-known crypto analyst Michael van de Poppe suggested that the correction phase for Bitcoin may be ending, signaling a potential rally similar to the previous halving events. Van de Poppe also predicts that Bitcoin’s price movement in the future could be towards the range of $48,000 to $51,000.
However, Bitcoin miners have been selling recently to raise capital and strengthen operations by acquiring advanced mining equipment.
Bitcoin and Stock Market
Considering the assumption that the long-term relationship between crypto and the S&P 500 persists, there is an argument that BTC and other cryptocurrencies might catch up to this performance before or around the Bitcoin halving in April. However, with the Fed chairman delaying interest rate cuts, one should not ignore the possibility of strong volatility in the coming period.
The recent all-time highs in stocks present a unique situation where crypto traders hope for their market values to closely align with the performance of publicly traded companies. Historically, crypto experiences its most significant bull runs when its relationship with stocks is at a minimum or non-existent.