Bitcoin (BTC) Whales Are Poised to Push the Asset to New All-Time Highs

Bitcoin’s (BTC) recent successes have prompted bullish reactions among traders. Long-term traders are positioning for the next leg of inflows with over-the-top

Bitcoin (BTC) price is showing no signs of slowing down as it continues to trade in a strong uptrend. As the flagship cryptocurrency climbs to new highs, it is sparking bullish reactions among traders.

Long-term traders are positioning for the next leg of Bitcoin’s uptrend with over-the-top accumulations. But amid the growing skeptics who are waving warning signs, the wider market looks steady, with increasing interest from institutional investors.

Here’s a closer look at the latest Bitcoin price action and what traders are saying.

Bitcoin Whales Are Poised For New All-Time High

After Bitcoin’s recovery above the $90k, traders have stepped up efforts to claim previous levels. Bitcoin reached an all-time high of over $108k before a strong pullback to $78k due to negative macro factors.

These factors include the United States’ trade policies, which traders fear could spark a global trade war. But despite these concerns, trades are pushing through with high demand.

On-chain data from Glassnode shows crypto whales purchased over 43,100 BTC, valued at approximately $4 billion, since the asset began its rebound from the $80k zone. Initial massive buys were recorded on April 13, leading to a rise in short-term capital flows.

Although the majority of wallets are recognized as long-term holders, a decent number of short-term investors engaged in significant buying activity during this period, contributing to the buildup of bullish momentum.

This synergy heightened bullish demand, pushing Bitcoin past multiple resistance levels. On the flipside, profit-taking surged but was soon eclipsed by the massive numbers of crypto whales engaging in new accumulations.

The drop in centralized exchange balances indicates long-term stability despite hiccups on exchanges. According to several traders, the next key resistance is $97,530, a psychological level that could unlock a new price rally.

“Next resistance is 97530. We will likely see a pullback from here to 88k and another push from there to new all-time highs.”

Meanwhile, Bitcoin’s realized capitalization hit an all-time high, igniting a new frenzy among holders. This metric values Bitcoin at the price it was last sold and not the current market value.

“This provides a more realistic view of the ‘invested value’ in Bitcoin by market participants, filtering out the noise from lost coins or coins held for extended periods without movement. It offers a more stable and accurate measure of overall market sentiment and the cumulative behavior of holders.”

Arthur Hayes Makes BTC Price Prediction

Digital asset executive Arthur Hayes has contributed to increasing upward sentiment after sharing his future market outlook. The former BitMEX CEO stated that Bitcoin’s price could hit $1.5 million by 2028.

According to Hayes, who is known for his bold predictions, this surge will be fueled by growing US macro factors. A possible rise in US dollar liquidity could trigger massive inflows into cryptocurrencies.

Several institutions have also made huge Bitcoin price projections, citing global fiscal tensions and recent increasing Tradfi appetite for cryptocurrencies.

Moreover, the positive White House stance is a key catalyst for global adoption in the coming years.