Bitcoin Rebound Confirmed as Whales Amass 47K+ BTC Worth $2,802,500,000 in One Day

Bitcoin is now on a path to short-term price recovery following the accumulation of over $2.8 billion BTC in the last 24 hours.

This week, Bitcoin’s price slumped to $56,555, triggering a bloodbath in the crypto scene. The Wednesday landslide dip aligns with the ongoing market consolidation that picked up in mid-March.

However, market observers, influenced by fresh on-chain metrics, see significant reasons to believe the Bitcoin market is poised for near-term relief from the recurring price crashes. One factor is the renewed accumulation patterns of Bitcoin whales. 

Ki Young Ju, the founder of the analytic platform CryptoQuant, called attention to this development in an update today on X. 

Whales Accumulate $2.8B BTC in One Day

Young Ju disclosed that Bitcoin whale wallets with at least one transaction in the last 24 hours have amassed 47,500 BTC tokens over the past day. 

Notably, their average purchase price was $59K, suggesting these investors bought the dip with $2,802,500,000. Emphasizing the significance of the whale’s acquisition, Young Ju proclaimed that the market is “entering a new era.”

#Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era. pic.twitter.com/SXgzToN8GU

— Ki Young Ju (@ki_young_ju) May 3, 2024

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As a result of the new acquisition, the cumulative BTC balance of these active whales hit 498.1K tokens, up from about 450K BTC the previous day. Essentially, these active whales command $29.38 billion in Bitcoin.

Short-Time Rebound Projection

In a separate update, CryptoQuant analyst Dan similarly argued for the possibility of a rebound for Bitcoin. He focused on the behavior of short-term investors, which he believes influence Bitcoin’s price movements.

Dan plotted the Bollinger Band technical indicator against Bitcoin’s Spent Output Profit Ratio (SOPR) data. He noted that the metric helps identify potential buying and selling points based on transaction profitability.

The analyst stated that when the SOPR hits the band’s bottom in bull markets, it suggests oversold conditions and a likely price rebound, which is currently the case.

Additionally, he observed decreased positive sentiment among general investors during the current market correction. According to him, this cooling down of market enthusiasm suggests a rebound might be on the horizon after this adjustment period.

$BTC – Possibility of a short-term rebound

“Generally, in a bull market, a short-term rebound often occurs when the short-term SOPR reaches the bottom of the Bollinger Band.” – By @DanCoinInvestor

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— CryptoQuant.com (@cryptoquant_com) May 3, 2024

Also, in a recent update, market intelligence platform IntoTheBlock (ITB) pointed out that Bitcoin’s recent drop to the $56K range mirrored previous cycles in terms of the rate of holders experiencing losses.

As a result, ITB highlighted the $58K range as the key demand zone to watch. Additionally, the platform suggested that if the market moves upward, there could be increased selling pressure around $62K, again confirming the idea of short-term relief.

Bitcoin Rebound Confirmed 

Interestingly, Bitcoin has already proved the claims of these prominent entities accurate. At press time, Bitcoin oscillates at $61,721, reflecting a 5% gain from the previous day’s $58K price point.