Bitcoin Whales’ Behavior Mirrors Patterns Observed During the Significant Bull Market of 2020

Bitcoin whales continue to purchase BTC despite the recent price crash, according to Ki Young Ju, the CEO of CryptoQuant. He has observed similarities between the current market behavior and patterns seen in mid-2020. Despite the low price volatility, there has been an increase in blockchain activity and the accumulation of Bitcoin by whales. This trend was also observed in 2020 when Bitcoin’s price remained stable around $10,000 for months, and on-chain activity was attributed to over-the-counter deals. Currently, new whale wallets are receiving $1 billion daily, indicating sustained high blockchain activity. Ki Young Ju’s “BTC: Realized Cap for New Whales” chart demonstrates significant movements in Bitcoin wallets, suggesting a continued interest in the market. Some users have questioned whether Bitcoin is on the verge of a breakout, while others have noted that the price has not increased despite the accumulation and ETF inflows. Analysts have identified a key resistance level for Bitcoin at $69,000, which was reached during the 2021 bull run. The current market dynamics show low volatility around this level, resembling healthy price action and historical trends. Thus, Bitcoin is approaching a crucial resistance level in the market.