Bitcoin Old Guard Paves Way for New Whales As Prices Surge Over $70K

The market activity of Bitcoin has drawn attention as the changes in ownership patterns have become evident. On-chain data reveals that old established Bitcoin holders, known as ‘old whales,’ are transferring their Bitcoins to new institutional investors, implying a shift in market dynamics.

Notably, this movement of Bitcoin is happening between these large-scale holders, known as ‘whales,’ and not spreading widely among retail investors. On the same accord, a chart from analyst Axel Adler Jr., shared by Ki Young Ju, CEO of CryptoQuant, captures the shifting dynamics between investor classes.

Old whales are selling #Bitcoin to new whales(TradFi), not retail investors. This can be clearly observed on-chain.

Chart by @AxelAdlerJr pic.twitter.com/L8tWWvcmfb

— Ki Young Ju (@ki_young_ju) March 28, 2024

The chart specifically compares the supply and demand trends of new versus established Bitcoin investors over an extended period. This distinction between new and established investors is crucial, as it highlights the growing interest from traditional financial institutions in the crypto space.

Simultaneously, technical analysis from other sources, such as Ali Martinez, suggests that Bitcoin is on the verge of a bullish breakout. Observations of a ‘bull flag’ pattern on the 4-hour chart hint at a possible significant price surge.

#Bitcoin appears to be breaking out of a bull flag on the 4-hour chart! If $BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000! pic.twitter.com/MPVB70p9DU

— Ali (@ali_charts) March 28, 2024

Based on this outlook, if Bitcoin’s price holds above the $70K level, it could experience an increase of around 10%, reaching a new all-time high of $77K. In tandem with the positive outlook for crypto, Bitcoin has gained a 1.23% rise during the previous 24-hour period.

BTC/USD 24-Hour Chart (Source: CoinMarketCap)

As of press time, Bitcoin’s price has reached $70.62K. This upswing comes despite the coin experiencing some volatility earlier in the week. Alongside the rise in its price, Bitcoin’s market capitalization has climbed by 1.32%, reaching a notable $1.389 billion.

Complementing these gains, there has been a significant uptick in activity, as reflected by the 25.02% increase in intraday trading volume, which has surged to $42.392 billion, signaling heightened investor interest and market movement.

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