Bitcoin bulls are targeting $ 100k for the digital currency
There is no demand shortage for Bitcoin, even at $50,000, as big buyers dwarf smallholders in the latest stage of the bull run.
The data suggests that Bitcoin (BTC) whales and institutions have made the most of the recent BTC price dip by buying big.
On March 9, on-chain analytics service Material indicators noted that if they buy orders of $100,000 and higher on Finance, they get exchanged by worldwide volume.
Big Bitcoin Buyers do not Delay
On contrary to orders less than $100,00, larger buys are more frequent than ever before in Bitcoin’s history.
There have been smaller allocations that have plunged, matching an existing narrative that institutions are picking up liquidity exchanges that surfaced the bull run.
Material Indicators commented on Twitter that the $100k – $1M class is about to make a new ATH.
Previously, they also raised concerns regarding the week’s price rise, arguing that whales can sell into the surge.
While this has come not so far, the analysts also noted that macroeconomic factors were having a different impact to what was expected.
Whale orders declined after the news came out that the United States’ $1.9 trillion stimulus package had passed the Senate. Coin Telegraph also reported that technology had a dramatic change in the equity market.