Bitcoin whale accumulation trend mirrors 2020-era bullish activity after BTC price bounces off $81K
Bitcoin whales goggle up BTC every time it slips to its price range lows, mirroring a bullish trend seen in 2020.
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 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.
