Despite a collapse of 19 billion dollars, bitcoin shows an astonishing resilience. Intermediate investors remain active in the market. Their recent movements strengthen the idea of a market fund already forming, paving the way for a bullish scenario in the coming weeks.
In brief
- •Investors holding between 100 BTC and 1,000 BTC continue to accumulate bitcoin despite the massive liquidation.
- •Short-term demand decline contrasts with bullish potential based on historical data.
Strategic Buyers Maintain Bitcoin's Bullish Momentum
The investors referred to as "dolphins," who hold between 100 and 1,000 BTC, continued their purchases even after the recent crypto crash. According to a CryptoQuant analysis, this group has accumulated 907,000 BTC in one year. This represents a considerable volume that supports the long-term structure of the bullish market.
These investors play a pivotal role. The fact is that their historical accumulation often precedes recovery periods. Despite the panic triggered by the massive liquidation, these players did not yield to pressure. Their strategy therefore suggests a market vision oriented towards the long term, with an anticipation of a gradual recovery in bitcoin price.
Immediate Demand Declining, But Bullish Potential Intact
Certainly, the fundamentals look solid. Some short-term indicators, however, call for caution. Notably, the 30-day average balance of dolphins has fallen below its moving average. This signals a decrease in immediate demand.
Nevertheless, crypto analysts remain confident. According to them, a 30% to 40% increase in open interest (as observed on October 10) precedes in 75% of cases a rise in bitcoin price over three months. The most optimistic expect an average performance of +25.9%.
Such a context strengthens the hypothesis of an upcoming reversal, provided a concrete catalyst materializes. This mainly refers to inflows related to Bitcoin ETFs.
For now, BTC shows a 2% increase over 24 hours. This is a modest rebound compared to altcoins:
- •World Liberty Financial climbs by 13%;
- •Solana jumps by 5.8%.
In any case, this resurgence in speculation confirms a return of risk appetite. If bitcoin manages to stabilize its base, it could become the engine of a new bullish wave. This is a story to follow…