Bitcoin Whales Accumulate 218K BTC in 18 Weeks; $124K Target
Bitcoin whales have aggressively accumulated 218,570 BTC over the past 18 weeks, boosting their collective holdings to 68.44% of the total supply. According to analyst Aria Nakamoto, addresses holding 10–10K BTC continue to show long-term conviction despite price fluctuations. Japanese treasury firm Metaplanet also added 463 BTC, underscoring growing institutional demand. On the charts, Bitcoin remains within a broader ascending channel after failing to sustain a breakout from a triangle pattern. Analyst Lingrid highlights a key support zone at $112,000–$113,000: as long as Bitcoin holds this level, a push toward a new all-time high of $124,000 is likely. With current trading around $114,822 and last month’s peak at $122,838, intensified whale accumulation and solid support reinforce a bullish outlook. Traders should watch the $113K support level closely, as a successful hold could trigger renewed buying momentum toward $124K.
Bullish
Extensive whale accumulation—218K BTC in 18 weeks, now controlling 68.44% of supply—is a classic bullish signal that often precedes major uptrends. Holding the $112K–$113K support amid a broader ascending channel strengthens conviction in a potential rally to $124K. Historical parallels include the 2020–2021 accumulation phase, where sustained whale buying fueled a breakout to new highs. Institutional additions like Metaplanet’s 463 BTC further validate long-term demand. In the short term, maintaining the $113K support could trigger a fresh wave of buying, while long-term sustained accumulation suggests a durable bullish trend.