Although things have looked bearish in the wider cryptocurrency industry lately, Bitcoin (BTC) is demonstrating patterns that could overturn the sentiment for both the flagship decentralized finance (DeFi) asset and the cryptocurrency market as a whole, particularly concerning its largest holders.
As it happens, Bitcoin has been witnessing a bullish divergence between its accumulating whales and falling prices in which whale holdings have been increasing by approximately 1,000 BTC per day, according to the chart pattern analysis shared by crypto market intelligence platform Santiment in a tweet on June 11.
Indeed, the maiden digital asset’s whales, or crypto wallets that own between 100 and 10,000 BTC, have added 57,578 more BTC to their holdings as the price has dropped by 10% since April 9, creating this bullish divergence and indicating “a strong rebound can occur,” the platform’s team specified.
Bitcoin price analysis
As things stand, Bitcoin has already started to show signs of recovery, having grown its price by 0.35% in the last 24 hours as it tries to reverse the losses of 3.15% on its weekly chart and 3.76% over the past month, currently trading at $25,840, as per data retrieved on June 12.
In the meantime, many experts have argued that Bitcoin’s next possible price target could stand at the $100,000 level at some point in the future, and Google’s Bard, the latest artificial intelligence (AI) offering, has recognized this possibility as well.
Specifically, the AI tool has listed increased mass adoption, growing institutional investor interest, and government adoption of Bitcoin as a legal tender as factors that could help the largest digital asset by market capitalization reach the suggested threshold.
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