A recent survey has shown that the accumulation of whales in Bitcoin (BTC) is currently on par with the movement before the bull run of 2020. According to a weekly report from CryptoQuant released on May 6, there have been daily injections of US$1 billion into Bitcoin, along with a significant increase in whale shares, mirroring the activity seen in mid-2020.
The data indicates a growing demand for the largest cryptocurrency in the market, with traders adding 70,000 BTC tokens in the last month. The report stated, “Bitcoin demand among long-term holders has added 70,000 Bitcoins in the past 30 days. Demand from large investors is increasing by 4.4% per month. Additionally, large investors are injecting $1 billion daily into Bitcoin, reminiscent of the pre-rally activity in 2020.”
The report also noted a significant increase in purchases of US spot Bitcoin exchange-traded funds (ETFs), with holdings rising from 819,000 to 859,000. The forecast for Bitcoin’s price in June 2024 suggests a potential surge to $100,000, according to a well-known cryptocurrency analyst.
In a recent analysis shared on his YouTube channel, cryptocurrency trading expert PlanB predicted that BTC could reach a price target of at least $100,000 soon. At the time of publication, the price of Bitcoin was at US$71,550.05, marking a 0.7% increase in the last 24 hours and a 4.5% appreciation in the last seven days.
Please note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss. In other news, Thailand has approved its first spot Bitcoin ETF.
