Bitcoin whales keep buying despite predictions of price drop

Despite predictions of Bitcoin (CRYPTO:BTC) falling below $50,000, Bitcoin whales continue to accumulate the cryptocurrency ahead of the release of the US jobs data. 

Recent data shows that large holders, or "whales," are buying BTC on every dip, signaling confidence amid market uncertainty. 

According to data from Spot On Chain, a newly identified Bitcoin whale withdrew 1,145 BTC, worth approximately $65.1 million, from Binance over the past four days. 

This whale has been purchasing BTC at every price drop, accumulating through seven separate transactions at an average price of $56,841 per BTC. 

While smaller traders have been selling during price dips, big whales have been capitalizing on the lower prices to build their holdings. 

Crypto analytics platform Santiment revealed that Bitcoin whales holding between 10 and 10,000 BTC have collectively accumulated over 133,300 BTC in the last month, equivalent to more than $7.8 billion, even as the price slipped below $50,000. 

Santiment noted, "Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them." 

This accumulation is happening as the market anticipates the release of the US Nonfarm Payroll (NFP) data, which could influence the Federal Reserve's decision on interest rates. 

The NFP numbers are expected to show employment dropping to its lowest level since 2021, raising questions about the US economy's stability and the possibility of a recession. 

Alongside whales, Bitcoin miners are also adding to their holdings. 

Riot Platforms, a major Bitcoin mining company, recently announced that it now holds over 10,000 BTC after producing 322 Bitcoin in August 2024. 

The company stated it was optimizing energy costs while providing power to the grid during peak periods. 

Despite these signs of accumulation, market sentiment remains divided. 

BitMEX CEO Arthur Hayes recently hinted at a possible drop below $50,000, stating, "BTC I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen." 

Meanwhile, veteran trader Peter Brandt predicted a potential dip to $46,000, citing a chart pattern known as an "inverted expanding triangle" or "megaphone" formation. 

It remains to be seen whether the continuous accumulation by Bitcoin whales will counter the bearish predictions and support BTC's price above the anticipated levels.

At the time of writing, the Bitcoin (BTC) price was $56,632.11.