Bitcoin has recently surged to a remarkable all-time high of $97,864. This significant rise in value is primarily attributed to the increased accumulation by whales, which are large Bitcoin holders. Their actions are indicative of the strong bullish momentum that lies ahead for the cryptocurrency.
Additionally, the Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) metric is providing key insights into this upward trend. This metric is used to gauge the unrealized profit or loss of long-term Bitcoin holders, often offering predictive signals regarding the future movements of the Bitcoin market.
The indicator currently suggests favorable conditions for continued price elevation, supported by the increased holdings by whales. As these influential participants in the Bitcoin market continue to accumulate, their behavior reflects confidence in the sustained upward trajectory of Bitcoin’s price.
