BTCWhale numbers return to January 2021 Bull Market levels, is a new high coming soon?

Recent on-chain data shows that the number of BTCWhale Addresses has reached a new high, i.e. the number of Addresses holding at least 1,000 BTC. It is worth noting that according to BTCWhale data, the number of such Addresses has now reached the highest point since the January 2021 Bull Market. With BTC's trading price still close to its all-time high, this new Whale milestone has raised questions about whether BTC could soon break through its all-time high and set a new record.
BTCWhale has always been one of the most important indicators of trader and long-term holder sentiment. According to data provided by André Dragosch, the number of addresses belonging to the Whale category has been steadily rising since January 2024, when it was slightly below 1,500 addresses.
The current market environment and the influx of institutional investors have sustained this rise trend over the past few months and have pushed it through multiple levels. The latest data shows that the number of BTC addresses holding at least 1,000 BTC has reached 1,678, reaching the highest point of whale activity since January 2021 (the last peak of the bull market). This indicates that each address now holds BTC worth at least $67 million based on the current price of cryptocurrency.
Whale's hoarding led to a peak in January 2021, which was one of the key factors driving the BTC price to surpass $69,000 in 2021.
Despite BTC's price having already broken through previous peaks, setting a historic high of $73,737 in March 2024, a similar accumulation pattern seems to be unfolding. After a fakeout descending triangle earlier this week, the intriguing accumulation of BTCWhale in BTC has proven to be a much-needed impetus to prevent a deeper price correction.
Even if there is a fakeout, the overall sentiment of Bitcoin remains optimistic. According to on-chain analysis provider, it's not just Whales that are driving the market. Retail investors have also joined the action. On-chain data shows that retail investor demand has risen 13% in the past 30 days, a significant rise that reflects the retail investor interest in March 2024, just before Bitcoin hit its latest all-time high.
The trading price of BTC is $67,000, with the trading price ranging from $65,161 to $67,538 in the past 24 hours and from $65,441 to $69,227 in the past 7 days.
Interestingly, BTC is only about 10% away from breaking the All-time high again. With increasing buying interest and the accumulation of Whales, BTC seems ready to break through again and set a new price record by the end of 2024.
(Data Source: Scott Matherson)