Solana
XRP, Shiba Inu, Solana, Cardano: A New Major Bull Cycle as Whales Buy 71,000 BTC in a Week ⋆ ZyCrypto
In a significant move reflecting renewed bullish sentiment, Bitcoin whales acquired a staggering 71,000 BTC worth approximately $4.2 billion over the past week.
According to a tweet published Saturday by crypto analytics firm IntoTheBlock, large holders of Bitcoin took advantage of recent price corrections to significantly strengthen their positions.
The surge in accumulation follows a period of volatility that saw Bitcoin’s price drop to $53,800 on July 6, only to rebound quickly last week.
It is worth noting that the timing of these whale purchases aligns with recent market developments and expert analysis predicting the start of a new bullish cycle for Bitcoin. On Sunday, analyst Michael van de Poppe, founder of MN Trading, highlighted Bitcoin’s resilience and potential role as a hedge against global uncertainties, suggesting that the leading crypto asset could be entering a new bull cycle.
“Bitcoin has just started a new cycle. BlackRock has already mentioned that “Bitcoin is a hedge against global uncertainty”. Similar to what gold was in the 1930s. The assassination attempt on Trump confirms this. The world order is changing, and Bitcoin is our solution.” Wrote Michael.
Elsewhere, analyst Ali Martinez has been observing bullish indicators such as the formation of an ascending triangle on Bitcoin’s four-hour chart following Bitcoin’s recent relief rally. In a tweet on Saturday, the expert noted that a break above the $59,200 resistance level could fuel a potential rally towards $63,800, subject to sustained market momentum.
However, in a later article tweetThe expert warned that bitcoin remains below its 200-day simple moving average (200 DSMA), suggesting further downside potential. Stressing the need for a sustainable break above this level, he noted that confirmation of an extended uptrend hinges on this crucial development.
Meanwhile, Crypto analyst Tony expressed optimism about Bitcoin’s ability to reclaim $60,500, identifying it as a pivotal level to strengthen bullish momentum.
At the time of writing, Bitcoin was trading at around $59,984, reflecting a 2.3% increase over the past 24 hours and restoring its market cap to around $1.18 trillion. Donald Trump assassination attempt Earlier Sunday, it sparked an immediate response in cryptocurrency markets, sending Bitcoin to $60,300, its highest level in 10 days.
Santiment analysts have noted bullish sentiment around political events. The cryptocurrency community reacting positively to Trump-related news ahead of the November election suggests that further potential Bitcoin upside could occur before then.