Whales bought Bitcoin for $8.5 billion — will this raise the price of BTC to $110,000

Large Investors in the Bitcoin market, known as whales, can play an important role in supporting the price, countering bearish sentiments and possibly contributing to the rise of BTC to new heights.

Let's analyze what's happening in the Bitcoin market BTCUSD and what to expect from the cryptocurrency's price.

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Bitcoin Market: Peak or Temporary Setback

At the time of writing this analysis, over 98% of the total Bitcoin supply is in profit — with the threshold that signals the market peak being at 95%. Historically, after such conditions, Bitcoin has experienced reversals and price declines, but this time the situation may be different.

A high percentage of profitable offerings indicates that many investors are in profit. Usually, this can signal a market peak and a possible correction, but it can also indicate stable market strength, especially given the important role of large holders known as whales. In the past, they could influence the market by preventing sharp changes.

Large Investors are actively accumulating assets: in the last month, they purchased over 83,100 BTC for a total of around $8.5 billion. These large investments offset sales among small investors.

Although small investors are taking profits, their influence is negligible. Significant accumulation by large investors indicates their confidence in further rise, which may alleviate short-term downward pressure. This trend reinforces overall optimism regarding Bitcoin.

BTC price is preparing for a new ATH

At the time of writing this analysis, BTC is trading at $102,635 after a recent failure to break the $105,000 mark. Such dynamics often indicate a market peak and may precede a price decline.

However, the activity of Large Investors is capable of preventing a sharp decline, keeping Bitcoin above key levels. Their influence can change the situation in the market for the better.

If the bullish momentum of Bitcoin resumes, it could break the resistance at $105,000 and aim for $106,265. A successful breach of this level would push Bitcoin towards $110,000, setting a new historical high. This will mark an important milestone in the ongoing rally, supported by institutional interest and accumulation by Large Investors.

On the other hand, if market sentiment deteriorates and investors start selling or taking profits, the price of Bitcoin may decrease. This threatens to lead to a drop below $100,000, potentially down to $98,000. Such a decrease would call into question the current bullish scenario and extend the period of uncertainty.

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