{"id":360963,"date":"2021-11-01T17:25:00","date_gmt":"2021-11-01T14:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest\/"},"modified":"2021-11-01T17:25:00","modified_gmt":"2021-11-01T14:25:00","slug":"bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest\/","title":{"rendered":"# Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab716cc5c0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab716cc5c0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest\/#BT_price_correlation_with_whale_activity\" >BT price correlation with whale activity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest\/#Bitcoin_technically_bullish\" >Bitcoin technically bullish<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin&#8217;s (BTC) biggest investors have been lately upping their reserves in sync with the ongoing price recovery, one Glassnode metric suggests.<\/p>\n<p>Dubbed as &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/glassnode.com\/\">Whale Supply Shock<\/a>,&#8221; the on-chain indicator represents the ratio between the amount of Bitcoin held by &#8220;whales&#8221; and &#8220;fishes.&#8221; Whales represent addresses that hold between 10,000 BTC and 100,000 BTC, while fishes are those that hold anything between 0.001 BTC and 1,000 BTC.<\/p>\n<p>A rising Whale Supply Shock reading indicates a higher degree of accumulation by whales versus fishes. Conversely, a declining Whale Supply Shock shows fishes are accumulating Bitcoin at a faster pace than whales.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/6efd7002-cd14-4a16-9295-cb03dec8cc40.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC Whales Supply Shock versus price. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>That said, the Whale Supply Shock tends to provide &#8220;a measurement of supply locked in Whales wallets which can have [effect] on supply dynamics and thus on price,&#8221; stated Dor Shahar, an on-chain analyst at CryptoJungle, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dorinvesting\/status\/1455020691317788673\">in a tweet<\/a> on Nov. 1.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BT_price_correlation_with_whale_activity\"><\/span>BT price correlation with whale activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Whale Supply Shock <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to have been predicting the macro Bitcoin price tops. For instance, the BTC price topped at near $65,000 in April, two months after the supply held by whales reached a sessional peak. <\/p>\n<p>The metric showed that whales began distributing their coins among fishes, correctly predicting an upcoming macro top and correction. As a result, the Whale Supply Shock dropped, as shown in the chart below.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/7bcb09a5-5374-497b-88e8-77239e2aa31a.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC Whales Supply Shock recovers in tandem with price. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>It started recovering after bottoming out in mid-July, indicating that whales started re-accumulating Bitcoin at a faster pace than the fishes. That coincided with Bitcoin rebounding from around $30,000 on July 20 to eventually reach a new record high of $67,000 three months later.<\/p>\n<p>The correlation was also visible around Feb 2020, noted Shahar, stating that whales began distributing their BTC &#8220;right before the ATH,&#8221; adding:<\/p>\n<blockquote><p>&#8220;Same phenomenon happened at May of 2019, whales have accumulated up to a certain point where the supply held by them reached a peak. Once again, right before the macro top they began to distribute coins.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/31e2ac8e-30f0-44ed-a766-9ad9e6e425d5.jpeg\"><figcaption style=\"text-align: center;\"><em>BTC Whales Supply Shock peaks ahead of\u00a0its spot price top in May 2019 . Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Shahar cited the said chart fractals and ruled out the ongoing recovery in the Whales Supply Shock ratio as a sign of &#8220;a multi-month accumulation uptrend.&#8221; He also noted that the supply held by whales in October, when Bitcoin&#8217;s price was around $62,000, is much smaller than it was in April, saying:<\/p>\n<blockquote><p>&#8220;[It] might indicate accumulation period or a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly depleting supply held by whales.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Conclusions: The ratio between the two groups; whales and other fishes gives a measurement of supply dynamics. Thus, can help visualize the supply shortage coins held by whales can cause and it&#8217;s affect on price. Along with that, a more sensitive macro top indication.<\/p>\n<p>\u2014 Dor Shahar (@dorinvesting) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dorinvesting\/status\/1455020717100175362?ref_src=twsrc%5Etfw\">November 1, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_technically_bullish\"><\/span>Bitcoin technically bullish<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Shahar&#8217;s bullish outlook for the Bitcoin market appeared as the cryptocurrency recovered from under $60,000 to eye a retest of its record high at around $67,000.<\/p>\n<p><strong><em>Related:\u00a0\u2018Uptober\u2019 closes at record high in best month of 2021 \u2014 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>In doing so, BTC price appeared to have been forming a classic bullish continuation pattern called the &#8220;Bull Flag.&#8221; That said, the price looks poised to break out of its ongoing consolidation range and rise by as much as the previous uptrend&#8217;s height, also known as &#8220;Flagpole.&#8221;<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/5db381a1-c25b-4e6d-9606-6961b41c2df5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD daily price chart featuring potential Bull Flag setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The Bull Flag&#8217;s profit target comes to be above $70,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-whale-indicator-detects-multi-month-accumulation-trend-as-btc-eyes-67k-retest\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest &#8221; Bitcoin&#8217;s (BTC) biggest investors have been lately upping their reserves in sync with the ongoing price recovery, one Glassnode metric suggests. Dubbed as &#8220;Whale Supply Shock,&#8221; the on-chain indicator represents the ratio between the amount of Bitcoin held by &#8220;whales&#8221; and &#8220;fishes.&#8221;&#8230;<\/p>\n","protected":false},"author":1,"featured_media":360964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvNDJmMzY2NmQtZGVkZi00MjdkLWFmMDEtMzkzYzc0NjBiODcxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,81951,74937,74982,74939,75679,75150,75864,78261,73785],"class_list":["post-360963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-market-analysis","tag-market-capitalization","tag-market-update","tag-supply","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/360963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=360963"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/360963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/360964"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=360963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=360963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=360963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}