Bitcoin Enters Early Bull Phase as Whales Accumulate Coins
• Bitcoin (BTC) continues to see more buying interest as the BTC price spikes above $23,000 once again.
• Altcoins such as Aptos led the rally, jumping by more than 40% in a day amid huge whale accumulation.
• CryptoQuant CEO Ki Young Ju noted that Bitcoin has entered an early bull phase, with most investors still underwater.
The world’s largest cryptocurrency Bitcoin (BTC) is once again making a move above $23,000 as more buying interest pours in. The crypto market has seen a surge in activity as whales accumulate coins and altcoins rally in the background. This has resulted in BTC surpassing the $23,000 mark once again, with a market cap of $443 billion.
Aptos was one of the altcoins leading the charge, jumping by more than 40% in a day amid huge whale accumulation. In addition, CryptoQuant CEO Ki Young Ju noted that Bitcoin has entered an early bull phase and that most investors are still underwater. He believes that the selling pressure is unlikely to resume since no one would want to sell at these levels at a loss. Furthermore, Ju noted that BTC whales have been holding their supplies strongly even during the current price pump.
Despite the early bull phase, Ju pointed out that Bitcoin still has contagion and macro risks, which could lead to bankruptcies, M&As, and capitulations in the next few months. However, the on-chain data indicates that whales have not been moving their Bitcoin holdings despite the recent price surge. This could indicate a long-term bullish view on the market, as whales are more likely to accumulate and hold their coins for the long term.
Overall, the Bitcoin market is showing strong signs of a bullish trend, with altcoins providing additional support. While there are still some risks to consider, the current price surge and whale accumulation indicate that Bitcoin is entering an early bull phase. As such, the crypto market could experience further price gains in the near future.