Bitcoin prices have been on a downward trend in recent weeks, but there are signs that some of the biggest investors in the cryptocurrency are buying the dip.
Data from blockchain analytics firm Santiment shows that the number of Bitcoin transactions made by whales—investors with more than 1,000 BTC—has increased significantly in recent days. This suggests that these investors are accumulating more Bitcoin at lower prices.
Whale Activity
“Whale activity is now at its highest level since January 2023,” Santiment tweeted on June 8. “This could be a sign that big investors are accumulating BTC at these lower prices.”
The recent price weakness in Bitcoin has been attributed to a number of factors, including rising inflation, rising interest rates, and the ongoing war in Ukraine. However, some analysts believe that the current sell-off is an opportunity for investors to buy Bitcoin at a discount.
“The current price weakness in Bitcoin is a buying opportunity for long-term investors,” said Fundstrat Global Advisors managing director Tom Lee. “We believe that Bitcoin will reach $100,000 by the end of 2023.”
It remains to be seen whether the recent buying by whales will be enough to support the price of Bitcoin. However, the fact that these investors are accumulating more Bitcoin at lower prices is a positive sign for the long-term outlook of the cryptocurrency.
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