Bitcoin is once again reaching new highs, with a price surge above $108,000 indicating major holders are back in accumulation mode, raising discussions on potential future price movements.
Historical Patterns: Whale Accumulation
Large holder accumulation often precedes sustained rallies. In late 2020, whales aggressively accumulated in the $12K to $15K range, setting up for the 2021 bull run. A similar pattern is emerging in early 2024 ahead of a spring surge past $100K.
Impact of Institutional Inflows
Japan's publicly listed Metaplanet purchased an additional 2,205 BTC on July 7, lifting its treasury above 15,500 coins. Renewed inflows into U.S. spot Bitcoin ETFs have also been noted as macro investors reassess equity risk.
Technical Hurdles and Growth Forecasts
Coindesk analysts point to $112K as the immediate ceiling. A decisive daily close above this level would open linear-chart resistance at $115K and higher targets. However, a drop below $100K could cool optimistic price projections.
As Bitcoin enters a critical stretch with significant inflows, the possibility for a new price record arises. However, failing to break previous highs may lead to a supply squeeze reminiscent of early 2021.
