Cryptocurrency Market Update: Bitcoin whales busy accumulating as BTC/USD eyes $20,000

Bitcoin wallets holding more than 100 BTC surge following the “Black Thursday” on March 12.
Increase in whale accumulation often points towards increasing positive sentiments for Bitcoin and a possible rally.
Bitcoin mentions on Twitter take up 68% of all cryptocurrency mention on the social media platform.

John Isige FXStreet

The recent dip in Bitcoin price from highs above $9,500 to lower levels around $8,600 have triggered an accumulation spree among whales. The accumulation was noticed by Santiment, a crypto analysis portal. Data by Santiment revealed a surge in Bitcoin wallets holding over 100 BTC. Precisely, the large holders added over 12,000 BTC to their holdings; an equivalent of $106 million (using the prevailing market price).

Bitcoin whales are an important factor in the cryptocurrency market. An increase in the amount of BTC in their holdings often points to a possible growth in price. The crash to levels around $3,800 on March 12 triggered the whales buying spree which has witnessed Bitcoin hitting zones above $10,000 pre-halving. As they continue to increase their holdings, Bitcoin could also gain momentum from the current price level at $8,860 and spike above $10,000. This coupled with the anticipated gradual impact of the halving that took place in May could pull Bitcoin to levels above the all-time highs ($20,000).

Another significant indicator for a possible rally is the increasing Bitcoin (BTC) mentions on Twitter. The latest data used to track the cryptocurrency mentions on Twitter indicate that Bitcoin mentions are almost proportional to the market cap. Bitcoin tweets hit levels above 26,000 while the tweets mentioning several altcoins including Ethereum (ETH), Litecoin (LTCO), Tezos (XTZ), EOS (EOS) and Chainlink (LINK) totaled approximately 13,000. Bitcoin took up at least 68% of the total mentions which is just as high as its market dominance of 65.7%.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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