"It's fun to correct, when do you want to penetrate ATH again?"
The price of the cryptocurrency king Bitcoin (BTC), which fell below $57,000, finally managed to recover up to $64,528 after whales were found to have collected 47,000 BTC worth more than $2.8 billion in just 24 hours.
The increase in holdings by whales has shown growing confidence in the future trajectory of cryptocurrencies among increasingly high-net-worth institutional investors.
There is no denying that the profits of the whales jumped significantly, but they still haven't cashed out and this has been the reason why the price of BTC has started to rise continuously in the past few days.
Through observation, whales are known as "Mr. 100” bought over 4,100 BTC worth over $242 million when the price was at $58,000 on May 2, 2024 which marked the first BTC purchase by the wallet since April 19, 2024.
Also pleased to be informed that the BTC network has reached 1 billion transactions mined to block 842,241 on May 5 yesterday, comments Clark Moody's Bitcoin dashboard adding that the event is a very important moment in the crypto market.
It is well known that BTC daily transactions increased during its fourth halving event on April 20, 2024 then reached a record high of 926,000 transactions processed on April 23 and most of that demand came due to the launch of the Runes protocol.
However, a prominent crypto analyst Michaël van de Poppe who truly believes BTC has stabilized still expects the price to make a small correction where it could drop between $61,000 and $60,000.
As of this writing, BTC price has jumped 1.75% to $64,322 in the last 24 hours with a market capitalization of over $1 trillion and is up 1.90% over the past week.