As Christmas approaches, Bitcoin (BTC) has been trading below the $90,000 mark, although it has experienced a minor rebound in the past day.
The continuation of this upward trend remains uncertain; however, the CEO of CryptoQuant suggests that significant purchases by large investors are driving this surge.
In a recent update on his X account, Ju Ki-young, CEO of CryptoQuant, mentioned that Bitcoin whales are currently in a buying mode and anticipates an increase in price as a result.
According to him, analysis of average transaction sizes within the spot Bitcoin market indicates that substantial investors are actively purchasing at this time. He forecasts that this activity will likely lead to an uptick in prices soon.
Ju elaborated on typical patterns observed in the spot Bitcoin market and identified two distinct phases:
“1) Retail investors purchase → institutional investors sell → resulting price decline.”
“2) Retail investors sell → institutional buyers enter → leading to subsequent price appreciation.”
While there is currently a downward trajectory visible on-chain and an upward movement off-chain, I believe we are witnessing a phase where whales are accumulating assets. This leads me to expect an impending rise in prices.”
*This information should not be construed as financial advice.