Bitcoin has continued to show weakness in price movement, with limited upside momentum over the past several weeks. The cryptocurrency has declined by 22.3% in the last month alone, bringing its price down to $83,191 at the time of writing. The drop reflects ongoing uncertainty in the broader crypto market, as investors are struggling with reduced risk appetite and a lack of strong bullish catalysts. Related Reading: Bitcoin RSI Targets Daily Retest That Triggered 2024 Price Rally, What Happened Last Time Whale Accumulation Patterns Echo Previous Bull Market Phases Despite the downtrend, recent on-chain activity suggests that certain investor cohorts remain confident in Bitcoin’s long-term value. In particular, whale addresses—wallets holding between 1,000 and 10,000 BTC—have demonstrated a historical correlation with Bitcoin’s price trends. According to CryptoQuant contributor Mignolet, the current market cycle bears a resemblance to the 2020 bull cycle, where these whales exhibited accumulation behavior during bearish sentiment phases. Mignolet noted that these patterns occurred three times throughout the 2020 cycle, each coinciding with brief drawdowns in price. In the current phase, similar accumulation activity is being ob ..
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