I am not a finance or crypto expert but logically I believe most of us can see that the crypto currency market are here to stay.
I've read a very interesting post on CoinTelegraph Bitcoin whales continue to accumulate despite BTC price holding above $50K
According to the article the number of Bitcoin Whales are increasing whilst in previous rallies or Bull Runs the number of accounts holding between 1000 and 10 000 BTC decreased.
"An interesting macro cycle : Number of addresses holding between 1,000 and 10,000 BTC has been decreasing during the last bull run, but this time it's only picking up to speed. The second picture also shows where exactly these wallets are acquiring their BTC."
The image below is very interesting as we can see where the Whales were buying. In my opinion Whales will not buy more Bitcoin at this point if they do not believe the price will increase further. Do they believe that the Institutional interest in Bitcoin will push up the price much higher than anybody expects?
Bitcoin whale inflows. Source: Whalemap
In the above image we can clearly see that the Whales are buying at the moment even though irrespective of the price breaking through $50k.
I want to reference a post I made about two years ago on Steemit.
Bitcoin Should logically go up to $USD 300k in the next bull run
In my opinion we are now experiencing the next bull run that I was referring to. I have always found the image above very interesting and my logic still says that we might just experience a longer Bull run like ever before and $300K is most definitely not of the table.
Happy Writing and please comment your opinion below on how high you think BTC will go?
