Analyst Dann Trader is very optimistic about Bitcoin’s future and believes that we’ve only covered half of the path in this bullish cycle.
The movements of retail investors have become key to predicting the peak of Bitcoin’s bull market, even more so than the actions of the famous «whales.» According to a report by the specialist shared by CryptoQuant, «whales» are those investors who own more than 1,000 bitcoins.
Trader points out that Bitcoin has seen a significant increase in participation from small investors. The chart shows gradual growth at the beginning of the bullish cycle in early 2024, followed by a sharp rise, and finally, the peak of the cycle with the strong increase in Bitcoin.
Despite the recent drop in BTC’s price, 2024 has witnessed a rapid increase in the entry of small investors.
The Whales Are Also in the Game
It’s not just the retail investors; the «whales» are also entering Bitcoin. The number of entities with more than 1,000 BTC is reaching new all-time highs, suggesting that institutional investors are buying.
Analyst Willy Woo agrees with this view and sees it as a bullish sign for Bitcoin. He explains that, in previous cycles, the FOMO (fear of missing out) phase of the bull market begins when whales start selling during the price rally, something that hasn’t happened yet. «When they sell, they cease to be ‘whales.'»
CriptoNoticias has confirmed that the behavior of the whales is changing. The monthly proportion of Bitcoin acquired by this group increased to its highest level in two months at the beginning of June. This suggests that the current prices are seen as an opportunity to buy and accumulate.
As whales continue to buy, they will keep pushing prices up. Therefore, despite the recent corrections, the medium and long-term expectations for Bitcoin remain largely bullish.