Big Whales And Sharks Rebuilding Positions, Time to Buy Bitcoin?
Bitcoin’s current turmoil has left it languishing around the $82,000 mark, following a 4% dip in daily trading. As retail investors grapple with anxiety from recent market volatility, significant market players—often referred to as whales and sharks—appear to be strategically maneuvering in ways that could presage notable shifts in the crypto landscape.
### A Market Turning Point?
Recent findings from Santiment—a prominent crypto analytics firm—highlight critical changes in the behavior of whale and shark wallets over the past six months. Data indicates that wallets holding 10 or more Bitcoin began accumulating assets heavily around October 12, coinciding with the emergence of the current bull market. This accumulation trend persisted until late December, where it paused alongside a dips during holiday trading.
The aggressive accumulation resumed on January 12, just prior to Bitcoin achieving its peak at an impressive $109,000—suggesting awareness among large holders about impending market peaks. However, a notable offloading phase initiated around mid-February corresponds with a wider market decline, triggering a drop in Bitcoin’s price despite initial support from retail traders buoyed by transient upward movements.
In the meantime, since March 3, an influx of approximately 4,846 BTC has been reabsorbed by these influential wallets. Interestingly, this resurgence in accumulation occurs even as retail sentiment remains overwhelmingly bearish. Although these movements have yet to produce immediate shifts in Bitcoin’s price, historical patterns suggest that whale and shark behaviors often portend significant market transformations. If current trends persist, Santiment posits a potential rebound might occur in the latter half of March, potentially reversing the negative sentiment that has followed Bitcoin’s recent peak.
### What’s Next For Bitcoin
Market analysts such as QCP Capital have flagged the $80,000 mark as a critical support level for Bitcoin. Despite its resilience at this threshold, analysts caution that upward momentum may be stifled in the near term, primarily due to existing market factors, including the hype surrounding the Strategic Bitcoin Reserve. Traders are beginning to anticipate that genuine bullish momentum may not return until later this year.
As Bitcoin continues to align with stock market movements, it remains sensitive to macroeconomic pressures such as prospective tariffs and forthcoming US inflation metrics. Analyst Kevin Svenson recently emphasized that Bitcoin has re-entered a vital zone within its weekly parabolic trend. He highlighted that Bitcoin is holding above recent lows, indicating that while the bullish structure remains intact, vigilant monitoring is essential as this could be a pivotal juncture.
Further insights from trader CrypNuevo shed light on the current market structure—indicating that Bitcoin’s price action is navigating the retest of the 1-week 50 EMA, an indicator historically used to gauge bullish versus bearish trends. He noted that while Bitcoin might linger around $77,000, successful reactions at this level could prove critical for the next trajectory.
Until a definitive support/resistance flip occurs—akin to the transformative shifts seen in March 2022—the current bullish market structure is considered valid. As Bitcoin dominance escalates towards 63-64%, it creates challenges for altcoins, evolving liquidity targets around $80,000 and $82,000. Despite this, many anticipate a temporary uptick before a potential dip back to $77,000, which could serve as a springboard for future growth.
