CryptoQuant Analyst Predicts Bullish Movements for Accumulation Whales
Mignolet, a CryptoQuant analyst and the author of Investment Secrets of Bitcoin Whales, sees a potential bullish trend for accumulation whales. According to Mignolet, the unspent transaction output (UTXO) in profit has been increasing from its previous low point, with Bitcoin UTXOs in profit currently at 80.7%. This uptrend resembles the market conditions seen in October 2023, prior to Bitcoin’s significant price surge.
Market Response to FUD and Potential Rebound
Despite recent bearish trends in the global crypto market, Mignolet anticipates that accumulation whales may soon react to the prevailing fear, uncertainty, and doubt (FUD). This response could lead to a V-shaped rebound, similar to previous market recoveries. The analyst’s observations coincide with a period of market turbulence, where the global cryptocurrency market capitalization has experienced a notable decline over the past month.
Bitcoin’s Price Movements and ETF Outflows
Bitcoin’s price fluctuations have been evident in recent weeks, with the cryptocurrency briefly dropping to a one-month low of $58,402 on June 24. This decline coincided with significant net outflows from spot Bitcoin exchange-traded funds (ETFs) in the U.S., indicating investor uncertainty. As market conditions evolve, keeping a close watch on Bitcoin’s price movements and ETF activity can provide valuable insights into potential market trends.
