Bitcoin whale holdings have reached an all-time high, accumulating 670,000 BTC. Analysts suggest this may cause a slight price drop or stabilization.
The increased holdings by whales help stabilize Bitcoin prices, reducing market volatility. This accumulation phase may indicate a lack of immediate intent to sell, signaling a long-term strategy.
CryptoQuant views the accumulation as a "calm before the storm," expecting eventual growth post-accumulation. Historically, BTC prices surge after whales reduce their holdings.
While whale activity is significant, other factors like the US elections also impact Bitcoin prices. Analysts expect potential price increases regardless of the elections’ outcome, possibly reaching $80,000 by November.
