Whale Bitcoin makes a strong push for accumulation, forecasting the price towards the 100,000 USD mark.

The latest onchain data shows that the richest investors and traders in the market are becoming increasingly optimistic about Bitcoin (BTC), despite the current unfavorable macro risks.

According to Glassnode, Bitcoin whales and sharks holding 100 BTC or more are accumulating BTC at a record pace, more than 3 times the annual issuance. Meanwhile, the amount of BTC on exchanges continues to decline sharply, with the annual absorption rate on exchanges falling below -200%. This reflects an increasingly evident trend towards personal storage or long-term investment.

This is seen as a structural shift, as traditional capital flows are gradually approaching Bitcoin after spot Bitcoin ETFs were approved last year. As a result, the supply on exchanges continues to decline, while long-term bullish sentiment from large investors is increasing significantly.

Annual Bitcoin absorption rate | Source: Glassnode## Most investor groups are taking advantage of the price correction to buy in

Whale wallets holding more than 10,000 BTC are still in a strong accumulation state, with the Accumulation Trend Index reaching around 0.7 on a scale from 0 – distribution, to 1 – accumulation. This indicates a high level of confidence from the largest holding group.

The annual absorption rate of Bitcoin by whales and sharks | Source: GlassnodeConversely, the selling pressure from smaller groups – which had been heavily distributing earlier in the year – has now slowed down. The group holding 10–100 BTC and 1–100 BTC has returned to a neutral zone, with a score of approximately 0.5.

The accumulation trend points of Bitcoin by group | Source: GlassnodeAccording to expert Mignolet, the current behavior of whales is very similar to the accumulation phase before the price surge in 2020.

Technical model indicates the possibility of BTC reaching 100,000 USD

Regarding technical analysis, Bitcoin has just broken the long-standing "descending wedge" pattern – a potential bullish reversal signal. Based on the principle of measuring the maximum height of the pattern and adding it to the breakout point, the price target is set at around 101,570 USD.

Daily BTC/USD price chart. Source: TradingViewHowever, BTC is currently facing resistance from the 50-day and 200-day EMA averages around the 85,300 USD level. If rejected here, the price may return to test the upper trendline of the wedge pattern – around the 80,000 USD area.

Analyst Scott Melker commented:

"The 200-day moving average is still a major resistance, and the $88,804 level is a key marker to confirm the bullish structure. The current movement is encouraging – but not yet convincing enough. The buyers need to demonstrate clearer strength."

Check the price of BTC here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions

Thach Sanh