Bitcoin (BTC) price dipped below its ascending channel pattern over the weekend, dropping to $81,222 on March 31. The top cryptocurrency is set to register its worst quarterly return since 2018, but a group of whale entities are mirroring a 2020-era bull run signal.
Bitcoin (BTC) price dipped below its ascending channel pattern over the weekend, dropping to $81,222 by 31 March. The top cryptocurrency is set to register its worst quarterly return since 2018, but a group of whale entities are mirroring a 2020-era bull run signal.
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
In a recent quick take post, onchain analyst Mignolet explained that “market-leading” whale addresses holding between 1,000 to 10,000 BTC exhibited a high correlation with Bitcoin price. The analyst said that these entities are resilient to market volatility and show accumulation behavior, mirroring patterns of the 2020 bull cycle.
Bitcoin whale accumulation analysis. Source: CryptoQuant
In the current bull market, this distinct pattern emerged three times and is marked by Bitcoin whales’ rapid BTC accumulation, even as retail investors doubted a positive directional bias.
These periods were riddled with bearish market sentiment and preceded substantial price surges, suggesting that whales were positioning themselves ahead of the recovery.
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