Bitcoin Price Skyrockets, Whales Keep Buying Massively

The price of Bitcoin has skyrocketed exponentially in recent months. It recently crossed the $50,000 mark for the first time since Dec 2021. However, Bitcoin whales are not satisfied at all. They have kept accumulating the flagship cryptocurrency in huge amounts.

Currently, Bitcoin is trading above $52,000. This comes after a massive surge of nearly 100% over the last six months. The excitement surrounds launching spot BTC exchange-traded funds (ETFs) in the United States. These ETFs have brought a tremendous demand for cryptocurrency. Data from BitMEX Research shows these ETFs attracted over $4.5 billion in net inflows since their launch.

According to popular crypto analyst Ali Martinez, Bitcoin whales (addresses holding large amounts of BTC) have accumulated over 100,000 BTC to their holdings over the last ten days alone. This accumulation exceeded $5 billion worth of Bitcoin at current prices.

Bitcoin Supply Ahead of Halving: Analysts Bullish On Price

It’s unclear whether the data included or excluded the BTC addresses of the new spot ETFs. But it underscores the immense growing pressure exerted on Bitcoin’s limited circulating supply ahead of April’s highly anticipated halving event. This event will reduce the new Bitcoin supply issued to miners by half as a reward for solving blocks.

Some prominent analysts are making extremely bullish BTC price predictions based on a potential supply shock that could occur after the halving event, as new supply of Bitcoin entering the market will be cut in half.

Tuur Demeester, an early Bitcoin evangelist and popular crypto analyst, has forecasted that Bitcoin’s value could soar to between $200,000 and $600,000 by 2026, fueled by the trillions of government bailouts and economic stimulus. Anthony Scaramucci, founder of SkyBridge Capital, has also maintained predictions of a significant price rise for BTC, suggesting his $170,000 prediction is conservative given the current immense momentum.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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