Bitcoin investors with fat wallets are showing signs of steady accumulation in a bear market. In this regard, analysts are predicting a rise in the price of BTC in the short term.
According to crypto analytics platform Santiment, large addresses owning between 100 and 10,000 bitcoins have added 46,173 BTC to their wallets. At the same time, crypto whales stocks in USDT declined.
Typically, crypto whales accumulation is a bullish indicator for the bitcoin price. Santiment data also showed that bitcoin deposits to exchanges declined. For the first time since 2018, less than 9% of BTC supply is in exchange wallets, and this can be seen as a sign that the asset is turning to a bullish trend.
Bitcoin is rising in the hope that the U.S. Federal Reserve will abandon its aggressive liquidity withdrawal measures. While traditional finance experts are skeptical about the Fed’s policy change, cryptocurrency advocates expect it to happen and bring risky assets back into the spotlight.
At the time of publication, bitcoin was trading at $20,237, showing a weekly gain of about 6%.
Cryptoanalyst and trader @CryptoGodJohn on Twitter thinks that BTC price will pass three-week high of $20,400. At that, in his opinion, the bear market will stop.