Robust volatility continues to take over the broader crypto market, causing a sluggishness in Bitcoin‘s price in the past few weeks. This bearish performance has been ongoing since the flagship asset hit a new all-time high in January this year. Meanwhile, seasoned investors have persistently purchased the asset in light of this waning price movement.
Whales Keep Stacking Up Bitcoin
Bitcoin’s price dynamics may have displayed weakness in the last few weeks, falling to recover its upward momentum to its current all-time high. However, many investors are still bullish about the asset’s future performance as they demonstrate renewed interest in BTC.
Amid unfavorable market conditions, Santiment, a leading intelligence and on-chain data platform, has reported consistent buying activity among large Bitcoin investors, or whales. The number of BTC whale wallet addresses has risen to new levels in spite of the cryptocurrency’s continuous pricing issues.
Specifically, the growth is spotted among large investors holding between 1,000 BTC and 10,000 BTC, indicating confidence in its long-term potential. “And while prices continue ranging as March draws to a close, whale wallets (specifically 1,000-10,000 BTC holders) continue growing in number,” the platform stated.
This development comes as BTC’s market value fluctuates between the $81,000 and $84,000 price range on Monday. Since large investors are accumulating Bitcoin during volatility, it suggests that these holders are taking advantage of the recent market downturn in anticipation of future price rebounds.
Data from the on-chain platform shows that the quantity of BTC whale wallet addresses containing 1,000 BTC to 10,000 BTC has extended to 1993, marking its highest level since December 2024. Furthermore, Santiment revealed an additional 50 wallets in the past few weeks, which represents about 2.6% growth.
Historically, large investors’ activity has influenced BTC’s price movements, increasing optimism about a shift toward the upside. Should this trend persist at the $81,000 and $84,000 price range, it might provide a solid support zone for BTC, allowing the asset to gather momentum for a rebound in the short term.
As the market fluctuates, Santiment has attributed the bearish development to several unfavorable factors. However, it may be seen as a small indication of confidence as one of the most significant stakeholder tiers in crypto has risen by +2.6% within the last 5 weeks.
BTC To Recover All-Time High
BTC whale investors might be taking a strategic approach to secure gains in the future as it gears up for a rebound. Crypto analyst Captain Faibik has predicted that the asset could undergo a rally shortly to its current all-time high of $109,000.
Captain Faibik foresees a breakout from a 4-month Falling Wedge pattern to push BTC back to the level. According to the expert, BTC’s approaching the end of the ongoing correction phase is a sign that it is preparing for its next major move.
The analyst expects the rally to kick off in early April and reach $109,000 by the end of April. In the meantime, big players keep accumulating BTC while new investors await another price dip.
Featured image from Adobe Stock, chart from Tradingview.com
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