According to data provided by cryptocurrency analytics firm IntoTheBlock, Bitcoin whales started aggressively buying the largest cryptocurrency after its price recently dipped below the $60,000 level. This indicates strong buying pressure from large holders.
The wallets that hold more than 0.1% of the cryptocurrency’s total supply received roughly 55,000 BTC of net flows over the past month.
Earlier today, pseudonymous crypto analyst Ali also said that “early signs” of Bitcoin accumulation had emerged. This presumed accumulation phase would follow three months of distribution.
As reported by U.Today, CryptoQuant’s Ki Young Ju recently stated that Bitcoin’s boring sideways price action could actually present a decent buying opportunity for investors. He has also opined that the bellwether coin was still in a bullish trend despite rapidly souring market sentiment.
On Wednesday, the leading cryptocurrency plunged to an intraday low of $59,712, which prompted prominent skeptic Peter Schiff to predict that it would face a much steeper correction.
So far, the bulls appear to be determined to hold the pivotal $60,000 level, with Bitcoin currently changing hands at $60,373, according to CoinGecko data. As noted by analytics firm Lookonchain, the most recent price drop coincided with massive whale deposits to the Binance exchange.
Earlier this week, Fundstrat’s Tom Lee stated that the price of the largest cryptocurrency was likely to soar to $150,000 as soon as this year.