The bearish trend is just about to end with the Bitcoin price as the asset is primed to enter a notable uptrend very soon. The crypto space since the past working day is showing some sign of strength with BTC price trading around $43K levels yet again.
No doubt the asset is hovering along the same levels from nearly 3 to 4 days, yet remained unsuccessful to slice above these levels. Woefully, the current attempt to go beyond these levels may be pretty unsuccessful as the sellers still appear stronger than the buyers since the early trading hours.
The Bitcoin dump has come as a blessing in disguise for not only the whales but also the miners. While the whales keep on accumulating at every dip, miners are also accumulating BTC heavily instead of letting out them in the open market.
More Correction On Horizon?
The BTC dumps in the previous years were mostly ignited by the miners as the average price fell dramatically below the Bitcoin’s production cost. However, currently, the Bitcoin production cost is 20% less than that of the average BTC value which may point towards a notable upswing ahead as the miner may be in profit.
On the other hand the BTC whales keep accumulating more BTC at every dip, and the recent purchase supports the statement.
According to the reports, the 3rd largest Bitcoin whale has now accumulated nearly 1209 BTC worth $51.8 million this week at an average price of $42,800.
The analysts further says that the $40K has become a new accumulation zone for the whales as more than 15,000 BTC were added by the whales since November where they sold ’0’ BTC as of date.
No doubt Bitcoin price currently appears to be drowning in the deep sea, yet the long term indicates a notable uptrend. Miners accumulating BTC are pretty bullish. While the Whale accumulation carries the fear of undergoing huge correction when a notable amount of BTC gets liquidated and enters the market.
Yet until and unless the Bitcoin price sustains firmly above $43,000 and continues to test the levels above $44,000 to hit $45,000 no uptrend can be confirmed.