Bitcoin Whales Accumulate Heavily, BTC Price Eyes $51,000 In Pre-Halving Rally

The Bitcoin pre-halving rally can kickstart anytime with bulls eyeing $51,000 as BTC price catches up to the S&P 500 rally.
By Bhushan Akolkar

Highlights

  • Bitcoin whales with 1,000 BTC have largest holdings in 14 months.
  • Bitcoin pre-halving rally to begin soon with investors eyeing $51,000.
  • The broader crypto market is playing catch-up to equities and the S&P 500.

Amid the broader market recovery, the world’s largest cryptocurrency Bitcoin (BTC) is making strong moves aging over 4% and shooting closer to $45,000. The development comes amid huge whale accumulation happening in Bitcoin over the past four weeks.

Advertisement
Advertisement

Bitcoin Whale Supply at 14-Month High

On0-chain data provider Santiment noted that the Bitcoin price has reclaimed the $44.5K mark for the first time since the commencement of the ‘ETF hangover’ retracement on January 12th. This resurgence in price is being attributed in part to the increase in holdings within wallets containing 1,000 or more Bitcoin.

The data reveals that these large wallet holders, each possessing over 1,000 BTC, are currently holding their largest collective amount of Bitcoin in over 14 months. This accumulation trend among whales, or large investors, suggests a growing confidence in Bitcoin’s long-term value proposition, potentially contributing to the recent upward momentum in its price.

Courtesy: Santiment

Renowned crypto analyst Ali Martinez has shed light on a crucial development in the Bitcoin market, emphasizing a significant support zone for the leading cryptocurrency. According to Martinez, over 3 million addresses have collectively purchased nearly 1.50 million BTCs within the price range of $41,800 to $43,080.

Renowned crypto analyst Michael van de Poppe has suggested that the correction phase for Bitcoin may be drawing to a close, indicating a potential pre-halving rally. Van de Poppe also forecasts that Bitcoin’s price trajectory could lead it toward the range of $48,000 to $51,000 in the near future.

However, the Bitcoin miners have been selling recently in order to raise capital to purchase sophisticated mining rigs and boost operations.

Advertisement
Advertisement

Catching Up to Equities

Given the assumption that the long-term correlation between crypto and the S&P 500 remains intact, there’s an argument suggesting that BTC and other cryptocurrencies will eventually catch up, possibly before Bitcoin’s halving in April. But with the Fed chair signaling a delay in the rate cuts, one cannot ignore the chances of strong volatility going ahead.

With equities reaching new all-time highs, this presents a unique situation where cryptocurrency traders may hope for market values to closely align with the performance of publicly traded companies. Historically, crypto experiences its most significant bull runs when its correlation with stocks is minimal or nonexistent.

Advertisement
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.