While most of 2020 meant uncertainty and consolidation for Bitcoin, the past few weeks saw the cryptocurrency in good stead from a trading price point of view. Not only did Bitcoin’s price manage to stay above the crucial $15k-price level, but it also briefly breached the $16k-mark, before falling again.
While there has been a lot of debate and speculation regarding whether or not a re-run of its 2017 conquest is likely to take place this year, key indicators like the whales behind BTC[2], institutional investors, and the miner demographic seem to be showing promising signs for BTC.
According to market data provider Santiment, the number of Bitcoin whale accounts is steadily increasing and these whales are likely to sustain the current bullish sentiment that Bitcoin is enjoying. The number of addresses holding at least 10,000 BTC has matched a 2020 high of 111. Further, the number of accounts that have 1,000-9,999 BTC is just 6 below the ATH of 2,135 addresses.
Source: whalemap.io[4]
Taking a look at Whalemap’s illustration of Unspent Bitcoins for whale accounts one can see that a lot of Bitcoin has been accumulated approximately around the $14k to $15.5k price level. Such accumulation is likely to offer the coin’s price support in the event of a correction. The fact that these supports have held strong for so long illustrates how crucial these accounts are for the crypto’s future aspirations.
While 2020 has not fulfilled many of the price trajectories many analysts were predicting, Bitcoin has delivered on the institutional investment front. On the back of a steady rally over the past few months, economic conditions are providing big institutions with an incentive to make huge investments in Bitcoin.
In fact, according to JP
