The number of Bitcoin whales has peaked since September 2016

The number of Bitcoin whales has peaked since September 2016 - 1024x683 bitcoin whalesThe number of Bitcoin addresses with at least 1.000 BTC, commonly called Bitcoin whales, reached an all-time high for the last 4 years on this time of year, coinciding with the recent rise in Bitcoin prices.

The increase in the number of whales is increasing the buying pressure of Bitcoin

According to data from on-chain analytics firm Glassnode, there are currently 1939 bitcoin addresses with as little as 1.000 BTC. The last time such a large number of whales were recorded was in the fall of 2016, just before the 2017 bull run.

Bitcoin whales are known for their power to influence the dynamics of the Bitcoin market by affecting the pressure to buy or sell and potentially changing the direction of prices. Last week, the number of whales increased by 2,2%, likely increasing buying pressure and contributing to the current rise in the price of Bitcoin which has surpassed $ 13.000.

Bitcoin's price gained momentum after Paypal (ticker: PYPL) announced new cryptocurrency trading and cryptocurrency payment services through its channels to over 340 million customers. The price of BTC broke through the high of $ 13.900 on October 31, before retreating and stabilizing above $ 13.700 - follow here quotation in real time.

Trust from institutional investors

In 2020, the total number of whales increased by 13% and there was a notable 20% inflation growth of the US dollar which, as a currency, is a key target for Bitcoin as it represents the most important reserve of value now.

According to reports from analytics firms, although retail investors were the first to turn fiat currency into BTC to preserve its value, in 2020 institutional investors also staked heavily on the world's largest cryptocurrency, converting a percentage of their Bitcoin wallets, and accelerating BTC price growth.

The next significant price threshold for Bitcoin is $ 30.000

Bitcoin has so far recorded the best weekly price performance in 6 months after its market value increased by 13%, claiming a market dominance of over 60%.

The general sentiment on the direction of the bitcoin price is bullish. As early as June 2019, Bitcoin's price jumped to $ 13.800, a level that analysts say will only be a stepping stone for Bitcoin to surpass its all-time high of $ 20.000.

As such, analysts are now considering $ 30.000 as the next price target, based on the results of predictions made with fundamental technical parameters. Well-known Bitcoin supporter and hedge fund billionaire Paul Tudor Jones said in an interview with CNN that Bitcoin is about to take off. “I like Bitcoin even more now than I did then. I think we are in the first inning of bitcoin. "