According to data from IntoTheBlock, BTC price avoided an extended drop below $60,000 thanks to multiple Bitcoin whales buying the price dip. The total of these transactions equals approximately $1.2 billion, with nearly 20,000 BTC being added to whale holdings.
Bitcoin prices dipped below $60,000 on Friday amid panic before the asset’s much-anticipated halving event. IntoTheBlock’s “large holder netflow” metric shows that addresses holding at least 0.1% of the supply added 19,760 BTC worth over $1.2 billion to their holdings on Friday. These whales bought Bitcoin at an average price of $62,500.
“Bitcoin whales may have finally started buying the dip,” IntoTheBlock said in an X post on Friday. “Historically, accumulations by these addresses have often preceded rises in bitcoin’s price.”
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Bitcoin has been consolidating for the past few weeks, hovering in the 60s and cooling off from record-breaking prices in March. During the Bitcoin dip earlier this week, whales were hesitant to buy into the asset, possibly waiting on any further dip. $60,000 was the key point for buyers to avoid a further plummet of the cryptocurrency. Once the price hit $59,600 though, the big buyers swooped in and helped bring the price back north to its present value of $63,000.
Price predictions for post-halving are still optimistic for Bitcoin, however, due to the recent drop amid external factors, the peak may not be as high as expected. The early hours of Saturday morning post-halving will be interesting to spectate, dictating what the near future of Bitcoin will look like.