Bitcoin Whale Accumulation Hits All-Time High — Echoes of 2020 Bull Market

Bitcoin Whale Accumulation Hits All-Time High — Echoes of 2020 Bull Market

As Bitcoin continues to trade within a narrow price range, large-scale whale accumulation has reached record levels, potentially signaling the start of a major price breakout, NewsBTC reported on April 20.

Whales Accumulating Over 300% of Annual BTC Supply

According to on-chain analytics firm Glassnode, whales holding between 100 and 1,000 BTC have ramped up their accumulation efforts, now acquiring Bitcoin at a pace exceeding 300% of its annual issuance.

Simultaneously, major cryptocurrency exchanges are seeing continued BTC outflows. This suggests that large holders are transferring their assets to private wallets for long-term storage, indicating strong conviction in Bitcoin’s long-term value.

On-chain analysts noted that this behavior is reminiscent of early 2020, when similar patterns preceded Bitcoin's explosive rally to new highs.

Technical Resistance: $85,500

From a technical standpoint, Bitcoin is currently testing resistance at its 50-day and 200-day exponential moving averages (EMAs), both hovering near $85,500. Failure to break through this resistance could lead to a short-term correction.

The next major support level is estimated around $80,000, which aligns with the upper boundary of a long-term ascending wedge pattern. Bitcoin has been trading in a tight range between $75,000 and $85,000, a sign of low volatility paired with strong accumulation pressure.

Many analysts interpret this as an accumulation phase — a quiet period before a potential major move.

Three-Month Pullback Mirrors Past Bull Cycles

After reaching nearly $100,000 earlier this year, Bitcoin has undergone a roughly 30% pullback over the past three months. Analysts suggest that such corrections are typical during mid-cycle phases of bull markets.

"Pullbacks of 25–35% are historically common during Bitcoin’s bull runs and often precede the next leg higher," noted one analyst.

With the convergence of low volatility, strong whale accumulation, and historical precedent, the Bitcoin market appears to be nearing a potential inflection point that could lead to significant upward movement.