Last Updated: 19 August 2022
The analysts at Whalemap have again shared an interesting chart showing the key accumulation points of the whales. Often you can see that the bitcoin price enjoys a high degree of support at these points and therefore are critical price levels to note and keep an eye on.
Support between $23,400 and $22,800
If the accumulation points of the whales are to be believed, then we have the greatest chance of support around $23,400 and $22,800, where we are now pretty much bivouacked. The current bitcoin price is right at that $23,400, which means we are in for an interesting period.
Back to square one.
— whalemap (@whale_map) August 17, 2022
If Whalemap’s analysis is correct, we should find a lot of support in this region. It is at these price levels that the whales made their purchases in July 2022. The fact that the larger players are currently dominating the market is also evidenced by the fact that 63 per cent of all on-chain volume is in transactions of USD 10 million and above.
#Bitcoin Relative Transfer Volume is dominated by large size transfers, with 63% of all on-chain volume being $10M+ in size.
— glassnode (@glassnode) August 17, 2022
Glassnode published a beautiful graph on Twitter showing that the dominance of large transactions on the Bitcoin network has increased dramatically since mid-2020. Where it was 20 percent of the volume back then, it is now more than 60 percent of the volume.
HODL Waves predict bull market
The bitcoin price may have already experienced several rejections at the $24,000 mark, but if the HODL Waves are anything to go by, a bull market could begin at any time. As soon as the HODLers who hold their bitcoin for 1 to 2 years shoot over the 20 percent of the supply, then the bear market is usually over.
— whalemap (@whale_map) August 18, 2022
If history repeats itself and this proves to be a valuable indicator, then it is quite possible that we are currently at the start of a new bull market. Of course, this is not the only indicator, but we can add another bullish on-chain indicator to the already huge list.