Bitcoin “Millionaire Tier” Addresses Add 20K BTC in 24 Hours, Why it’s Key to Future Trends

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Bitcoin price continued to move sideways after facing rejection at the $50K level but maintained the key support of $47,000 at the time of writing. The top cryptocurrency slid below $47K momentarily but jumped back above it soon after. BTC is currently trading at $47,136 with a 2.5% decline over the past 24-hours.

Bitcoin
Source: TradingView

After seeing an uptrend for nearly three weeks, the sideways price momentum hasn’t deterred long-time Bitcoin holders and whales. According to Santiment data, the “Millionaire Tier” Bitcoin whales (those who hold 100-1000 BTC) have accumulated 20,000 BTC worth nearly a billion-dollar over the past 24 hours, indicating the long-time holders expect the price to go further up.

Bitcoin
Source: Santiment

Whales buying at a $47k price range are considered bullish since it indicates they expect the price to go even higher. The buying trend among whales could indicate a bullish market ahead and predict the future price trends as well. The top cryptocurrency is looking to conquer $50K as key support before retesting its ATH of $64,683.

Bitcoin’s Short Term Outlook Turn Bearish

The top cryptocurrency looks quite strong in the long term as price forecasts of $100K by year-end have been put forward by many. However, as BTC slumps below $47K, the short-term outlook could turn bearish due to sell-side liquidity. Popular Bitcoin analyst Ki-Young Ju pointed towards the bearish factor suggesting the top cryptocurrency could slump further.

Scott Melker, another popular crypto influencer pointed towards the breakdown from the 4-hour ascending channel with strong support at $46K in the short term. He also said that he expects the price to slide further to $42K levels if the current support price doesn’t hold, but reaffirmed a bounce back is inevitable for Bitcoin.

The top cryptocurrency also registered the biggest exchange inflow since Black Thursday in March last year. In the short term, BTC price could see a minor correction but would eventually bounce back to bullish ways.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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