Bitcoin price has continued to hover under $60K for more than a week after recording a new all-time high of $61,683 on 13th March. The price of the top cryptocurrency has spent a major time in the consolidation phase post every new ATH. However, whales are still bullish on Bitcoin as they continue to accumulate even at $60K.
Saw another spike ($229M) in #Bitcoin Transfer Outflow from Okex yesterday, including a batch worth $60M.
Whales are buying the dip, are you? pic.twitter.com/tmYW95v3Sm
— William Clemente III (@WClementeIII) March 22, 2021
The top cryptocurrency started the year above $30K and has nearly doubled its price since then, and in these three months, it started every month on a high by breaking the previous ATH and spend the remaining of the month in a consolidation phase. The on-chain metrics for the top cryptocurrency are still strong as its demand is currently way higher than the supply.
Bitcoin On-Chain Metrics Predict Bull Run to Continue
The data from Santiment suggest that bigger whales holding 100-1000 BTC has seen an increase, while smaller whales are taking their profit. The reason that Bitcoin wallets holding over 1000 BTC -10,000 BTC is not a good indicator as it may be an exchange wallet.
Wall Street investors and Fortune 500 companies such as MicroStrategy have continued adding Bitcoin to their portfolio while many more are expected to join the Bitcoin league soon. Apart from Fortune 500 companies and Fintech firms now even the banking giants including the likes of Morgan Stanley and BNY Mellon have added exposure to Bitcoin based on client’s demand.
Bitcoin has surpassed most of the short-term price predictions this bull run as many analysts now believe that the top cryptocurrency is in a supercycle where it could reach above $100,000 by the end of this year. With the Bitcoin Options worth $6 billion set to expire by the end of this week, BTC price could experience some volatility followed by another round of institutional buying.
