Bitcoin (CRYPTO: BTC) is trading around $95,500, down 3.4% over the past 24 hours, as on-chain data and whale activity suggest predictions of an imminent bear market lack evidence substantial.
What happened
On December 26, Ki Young Jufounder of CryptoQuant, noted in a post on x that the accumulation of whales, once a news that moved the markets, has now become a routine phenomenon.
This indicates a market dominated by institutional investors, while retail investors remain hesitant.
A weekly capital flow of $7 billion confirms that Bitcoin is in a bull cycle, not a bubble.
A true bubble, marked by a market price that far exceeds capital flows, would trigger warnings of a cyclical top, which analysts have not yet issued.
Brief corrections of up to 30% are possible, but are unlikely to derail the ongoing bull cycle. The peak of the cycle is still far away, and predictions of a bear market are not supported by on-chain data.
In another post on the same day, he revealed that whales are increasingly using privacy transactions to carry out accumulation.
Of the 1.55 million BTC accumulated in 2024 through ETFs, MicroStrategy and custodial wallets, 240,000-420,000 BTC have not been justified, indicating that there are large unidentified buyers.
You can also read: Roaring Kitty moves the market: GameStop (GME) and meme cryptos skyrocket after a simple Christmas wish
Cryptocurrency trader Jelle sees Bitcoin’s recent volatility as insignificant in the bigger picture.
The trend remains bullish, with declines acting as small potholes. He advised his followers to “stay focused.”
When you look at the grand scheme of things, it’s almost as if the volatility from the past weeks doesn’t matter.#Bitcoin keep pushing higher, dips are just speed bumps along the route.
Stay focused. pic.twitter.com/MknV2INpYu
— Jelle (@CryptoJelleNL) December 26, 2024
On the other hand, Ali Martinez, a cryptocurrency chart analyst, pointed out a buy signal on the hourly chart of Bitcoin that implies a price rebound.
The TD Sequential presented a buy signal on the #Bitcoin $BTC hourly chart, anticipating a price rebound. pic.twitter.com/AW8Ks17mRx
— Ali (@ali_charts) December 26, 2024
Image: Shutterstock
Receive exclusive news 30 minutes before other traders
The 14 day free trial Benzinga Pro gives you access to exclusive news so you can trade before millions of other investors. Start your 14-day free trial by doing CLICK HERE.
For more updates on this topic, turn on notifications from Benzinga Spain or follow us on our social networks: x and Facebook.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
