A total of three whales have reportedly accumulated almost 2,814 Bitcoin tokens since September 1, 2024. This translates to a total cost of $157.3 million, with an average cost of approximately $55,887. Binance is the source of the accumulated BTC, which has contributed to the decline in the flagship cryptocurrency‘s price. Suffice it to say, whales are making the most of the ongoing dips in anticipation that the token will eventually navigate around the bearish sentiments for a new high.
BTC is currently exchanging hands at $54,803.95, with a surge of 0.75% in the last 24 hours. It further reflects a decline of 5.10% in the last 7 days and 9.32% in the last 30 days. According to the near-term Bitcoin forecast, the price will rise to $65,678 in the next 5 days and $78,480 in the next 30 days. Another factor influencing this is the rise in corporate adoption. That has jumped by almost 587% since 2020 and 30% in the last 12 months.
Businesses now collectively hold 683,332 BTC. MicroStrategy and Tether are leading this trend. Their collective holdings account for 85% of the total corporate holdings. River’s report first highlighted this trend and now predicts its continuation in the upcoming days. The report highlighted that corporates prefer BTC instead of Spot Bitcoin ETFs because participation in ETFs could classify them as investment companies. As a result, it faces regulatory hurdles.
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In August, BTC declined by 8.6%. Analysts have sought a precautionary move by investors in September. Bitcoin did face selling pressure. Also, there is a concern about less liquid conditions, which contributed to the end of August. Data by CoinGlass shows that September is often tough for Bitcoin. An average loss comes to 4.5%.
If the selling pressure persists, the support level stands at $51,000. The token must end August at a value of more than $58,000. It is poised to do precisely that, potentially also marking a new ATH with a rise of 44.16% from the current value in the next 30 days.
Bitcoin is also gaining recognition across Russia. Multiple sanctions are making it difficult for the country to accelerate its economy. Bitcoin mining is one way in which Russia can increase its tax revenues. In 2023, the country will have mined $3 billion in tokens.
In July 2023, Russia legalized Bitcoin mining as part of a new economic strategy to counteract international pressure. The strategy enabled companies to register themselves under the law and operate within the regulatory framework.
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BTC is currently experiencing a temporary condition, which is subject to factors such as ongoing political scenarios and recession concerns. The token has a bright future ahead of it. Whales accumulating BTC after the market drop is a sign that there is still confidence in Bitcoin’s future. However, it is recommended to conduct a risk assessment and investigation prior to investing in BTC or any other cryptocurrency.
