Bitcoin has hit the $60,000 price mark for the first time since August 29, moving up by 3.98% on Friday and showcasing an impressive weekly performance. According to blockchain analytics company Santiment, this price gain could signal a sustained rally for Bitcoin and other cryptocurrencies as market conditions align.
On-chain data indicates massive accumulation by Bitcoin whales and sharks who hold 10 BTC or more. Santiment reported these large investors have added 28,500 BTC over the past three months, bringing their total holdings to 16.18 million BTC, valued at $978.29 billion. This accumulation trend is a strong indicator of long-term confidence in Bitcoin's profitability.
Additionally, there has been a notable decline in Bitcoin supply on exchanges. Santiment noted that approximately 75,000 BTC, worth around $4.54 billion, has been withdrawn from exchanges in the last three months. This suggests that investors are moving their BTC to self-custodial wallets, likely in anticipation of a price increase.
Crypto analyst Michël van de Poppe has also observed a large weekly bullish divergence on TOTAL3/BTC, which tracks the combined value of all altcoins excluding Ethereum in BTC. This divergence indicates weakening selling pressure and suggests an upcoming altcoin rally, aligning with van de Poppe’s long-term predictions of altcoins outperforming Bitcoin.
Currently, Bitcoin trades at $60,369, with a daily gain of 4.25%. The total crypto market cap stands at $2.1 trillion, reflecting a 2.55% gain in the last day. The positive market metrics indicate potential momentum for a significant crypto rally in the near future.
