Bitcoin eyes $90K as whales absorb 20x daily BTC supply in 30 days

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Bitcoin (BTC) appears on track to hit $90,000 in the coming weeks as whales accumulated about 20 times the cryptocurrency’s daily new supply in the past weeks.

Key takeaways:

Whales bought roughly 270,000 BTC in the past 30 days.

BTC broke out of its symmetrical pattern setup with a measured target at around $92,220.

BTC whales accumulate at fastest pace since 2013

Whales, entities that hold over 1,000 BTC, have added roughly 270,000 coins to their wallets in the past 30 days, marking their largest buying spree since 2013, according to onchain data resource CryptoQuant.

Part of that whale accumulation likely came from Strategy. The company’s recent filings show that it bought about 42,166 BTC between March and April, accounting for roughly 16% of the 270,000 BTC added by whale wallets over the same period.

US-based spot Bitcoin ETFs also recorded more than $200 million in net inflows during that stretch. Still, those inflows remain modest compared with earlier phases of the cycle, pointing to cautious re-engagement by Wall Street traders.

The accumulation came even as Bitcoin whipsawed sharply in recent weeks, including a roughly 15% drawdown before fully recovering those losses, with easing US–Iran tensions helping drive the rebound in risk appetite.

BTC triangle setup hints at rebound to $90,000

From a technical perspective, Bitcoin has entered the breakout stage of its prevailing symmetrical triangle pattern.

Triangle patterns can break in either direction regardless of the prevailing trend, with the resulting move often matching the formation’s maximum height.

In Bitcoin’s case, price has broken to the upside after moving above the triangle’s upper trendline, opening the door for a potential rally toward the measured target near $92,220 by April or May.

Bitcoin’s price must break decisively above its 200-day exponential moving average (200-day EMA, the blue line) at around $83,000 to reach the triangle target. This EMA was instrumental in limiting BTC’s attempts at an upside breakout in January.

Earlier, Nic Puckrin, crypto analyst and founder of Coin Bureau, said Bitcoin could push toward $90,000 if the current US–Iran ceasefire holds, oil prices fall toward $80, and softer economic data helps ease stagflation fears.
source: https://www.tradingview.com/news/cointelegraph:6cf98069a094b:0-bitcoin-eyes-90k-as-whales-absorb-20x-daily-btc-supply-in-30-days/