The crypto market is showing significant strength since early trading hours, with most tokens remaining inflated. Bitcoin is maintaining above $94,000, indicating increasing buying pressure.
Current Conditions in the Crypto Market
The current market situation indicates that many altcoins, such as PENGU, XMR, and DEEP, are displaying double-digit gains, while some are experiencing minor losses. Bitcoin's price is sustained above $94,000, and global trading volume has begun to recover.
The Role of Whales in Market Formation
Data from Glassnode indicates that whales have been aggressively accumulating Bitcoin over the past few days. The number of wallets with a balance over 1000 BTC witnessed a rise from 17.2K to 17.3K, signaling a bullish sentiment among whales. New whales appear to be more aggressive in buying, reinforcing a positive outlook for the market.
Bitcoin Price Forecast
After breaking above the falling wedge, Bitcoin's price surged significantly, surpassing the local resistance at $88,500 and entering a pivotal range between $94,170 and $94,900. It is expected that as bulls accumulate strength, the price could trigger a fresh upswing towards $100,000.
The crypto market reflects optimism due to aggressive accumulation by large investors. Predictions for Bitcoin's rise suggest the possibility of reaching new highs in the near future.
