A new report from on-chain analytics firm Santiment reveals that Bitcoin whales are changing their market strategy. After selling off large amounts of BTC in recent months, these major holders are now buying back aggressively.
So far, whales have reacquired nearly $500 million in Bitcoin since the start of March. However, BTC’s price has yet to reflect this accumulation.
Whales Reclaim 5,000 BTC in March
Santiment highlights major shifts in whale behavior over the past six months:
- Accumulation phase: Whales bought large amounts of Bitcoin.
- Pause phase: Buying slowed down.
- Sell-off phase: Between mid-February and March, whales dumped BTC.
- Reaccumulation phase: Since early March, whales with at least 10 BTC in their wallets have purchased 5,000 BTC, worth approximately $408 million.
Despite this massive accumulation, Bitcoin’s price remains stable. However, Santiment analysts believe the second half of March could see a turnaround—if whales continue buying.
Bitcoin to $70K? Analyst Warns of Possible Drop
While whale accumulation suggests bullish momentum, Bloomberg’s Mike McGlone has a different outlook. He predicts Bitcoin could crash to $70,000 due to broader economic pressures.
According to McGlone:
- Stock market declines are impacting Bitcoin’s price.
- Gold is the only asset benefiting in the current market.
- Bitcoin mirrors the Nasdaq 100’s dot-com bubble, which saw an 80% crash after peaking.
- BTC could hit $100,000 before a major decline.
What’s Next for Bitcoin?
With whales accumulating BTC and analysts warning of potential corrections, Bitcoin’s future remains uncertain. If whales continue buying, BTC may surge in late March. However, macroeconomic trends could trigger another sell-off.
Will Bitcoin rebound or drop to $70K? The next few weeks will be critical.
