Bitcoin Price Eyes $83K: Whales Fuel Bullish Outlook as BTC Price Targets ATH

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As the digital asset industry marks exactly one month since the fourth Bitcoin (BTC) halving, the total cryptocurrency market cap held above $2.5 trillion on Monday, bolstered by the 10 percent BTC price pump last week. Bitcoin dominance continued to grow at the expense of the altcoin market, as depicted by the declining trend of the ETH/BTC pair on the weekly time scale. 

According to the latest market data, Bitcoin traded slightly above $67,100 on Monday during the early Asian session. A sustained bullish sentiment will ultimately pump Bitcoin price to retest the recent all-time high (ATH) above $73k. 

Bitcoin Whales on the Hunt

#Bitcoin is dancing just above $66.1K as small traders continue to #liquidate their holdings despite the #crypto bounce over the past week. Historically, small wallets dumping their coins to larger wallets is an encouraging and #bullish sign for $BTC. https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL

— Santiment (@santimentfeed) May 19, 2024

According to market intelligence platform Santiment, small Bitcoin holders declined by over 182k holders in the past week. However, Santiment data highlighted that Bitcoin whales have accelerated their accumulation pace amid anticipated rebound ahead. 

Notably, spot Bitcoin ETFs accumulated over 14k Bitcoins last week, whereas Bitcoin miners only created around 524 coins. According to on-chain data, a whale investor purchased over 16,445 Bitcoins, worth over $1.1 billion in the past 24 hours.

Another crypto whale purchased nearly 1,600 Bitcoins, worth more than $106 million in the past 24 hours.

Midterm Price Prediction 

#Bitcoin enters its 10th consecutive week under the current ATH. The previous record under a significant high this bull market was 15 weeks.

The "longer than expected" range under the ATH was a theory we discussed in March when the "3-days down" signal flashed on 17th March. The… pic.twitter.com/JHkNuPQmcE

— Jason Pizzino (@jasonpizzino) May 20, 2024

The Bitcoin price has rebounded from the past two months’ correction and now aims to retest ATH in the coming weeks. The flagship coin consistently closed above the 50-day Moving Average (MA) in the past six days, thus suggesting the bulls are in control. 

The weekly Relative Strength Index (RSI) is attempting to rally above the 70 level. If the bulls pump Bitcoin above $68k, the next major target is around $83k, which coincides with the 2.618 daily Fibonacci Extension.