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Bitcoin Price Targets 75k as Whales Invest $670M in 5-days

By:
Ibrahim Ajibade
Published: Mar 5, 2024, 07:13 UTC

Key Points:

  • Bitcoin (BTC) price soared to a new 2024 peak around $68,770 in the early hours of Tuesday March 5, sparking hopes of new all-time highs above $70,000
  • On-chain data shows that Bitcoin largest whale wallets made a rapid acquisition of 10,000 BTC (~$674 million) within the first 5-days of March 2024.
  • If BTC price closes above $70,000, it could open up a path to the next major milestone at $75,000 as the week unfolds
Bitcoin (BTC) Price Forecast

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Bitcoin price soared to a new 2024 peak around $68,770 in the early hours of Tuesday March 5, raising bullish expectations of new BTC all-time highs above $70,000. On-chain data shows that BTC whale investors increased the buying pressure significantly in the last 5-days.

After 3-years on the back-foot, can BTC price bulls finally establish a steady support level above $70,000 territory in the days ahead? 

Whale Investors Bought 10,000 BTC in First 5-days of March

The crypto market rally has intensified on Monday March 4, as BTC price came within a few hundred dollars of reaching new all-time highs. However, recent trends observed among Crypto whales suggests the milestone is only a matter of time. 

The Santiment chart below shows the number of coins currently held in wallets with at least 10,000 BTC.  As seen below, this cohort of Bitcoin whales held a cumulative opening balance of 2.99 million BTC on March 1. 

But interestingly, the BTC top holders have now added 10,000 BTC in the last 5-days, bringing their balances to 3 million BTC at press time on March 5.

Bitcoin (BTC) Whales Wallet Balances | Source: Santiment
Bitcoin (BTC) Whales Wallet Balances | Source: Santiment

With BTC price currently hovering around $67,400 per coin, it implies the whale wallets have invested over $674 million in the last 5 trading days..  When the largest stakeholders within an crypto currency ecosystem make big purchases during a short period it puts upward pressure on prices.

Also, the ongoing Bitcoin rally is largely being drive by Bitcoin ETFs. Hence, the increase in the balances of these top-holder wallets signals that the ETFs buying frenzy has not cooled off despite Bitcoin price nearing all-time highs in the US markets.

And if retail investors and other strategic stakeholders take a cue from the BTC whales buying trend, BTC price could soon make the much-anticipated another major leap above $70,000.

Bitcoin Price Forecast: Breaking above $70,00 0 Could Catalyze Bigger Gains

Bitcoin top holders acquiring $670 million worth of BTC over the last 5-days appears to be the major catalyst behind the latest price upswing above $68,000. If the buying trend persists as the week unfolds, BTCC bulls could target a move towards the $75,000 area. 

But first, BTC has to close the trading day above $69,000. In this scenario, the bulls must withstand the profit-taking wave from final cluster of 22,760  addresses that acquired 5.1 million BTC when prices last approached $70,000.

Breaking above that final resistance, could set the stage for BTC price to advance towards $75,000 retest as predicted. 

Bitcoin (BTC) Price Forecast, March, 5 2024 | In/Out of the Money data | Source: IntoTheBlock
Bitcoin (BTC) Price Forecast, March, 5 2024 | In/Out of the Money data | Source: IntoTheBlock

On the downside, the bears could invalidate this prediction by staging another reversal below $60,000. But as observed in the past week, the looming buy-wall at the $63,000 territory offers significant short-term support for Bitcoin price.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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