Bitcoin is inching closer to the $70,000 mark, with a recent increase in Bitcoin whale activity indicating that large holders are accumulating more BTC. This has fueled optimism among analysts and investors who anticipate significant gains in the coming weeks. According to Santiment data, the number of Bitcoin whales grew substantially when the price bottomed out around $59,000 on October 10th.
This accumulation could be a sign of “smart money” positioning for a major move, as large investors tend to accumulate BTC during low prices in preparation for something big in the coming weeks. The rising momentum suggests that Bitcoin is ready to lead the market into its next phase of this cycle. However, with Bitcoin trading near a historically reactive price level of $70,000—a zone that has acted as resistance five times over the past seven months—the next few weeks will be crucial in determining whether it breaks through or faces another correction.
