**Whales Accumulating Stablecoins for Massive Crypto Buys**
Market intelligence platform addresses whales accumulating stablecoins for massive crypto buys.
BTC reaches $30K, the long-awaited target amidst the US Dollar losing value.
Three macro higher low levels were spotted for BTC; it may form its next higher low.
**Whales Preparing for a Massive Crypto Buy**
According to Santiment, a market intelligence platform for cryptocurrencies, whales and sharks have been eagerly waiting for Bitcoin (BTC) to hit the $30K to $31K price range in order to make a massive crypto buy. In preparation for this event, these large investors have been accumulating stablecoins such as Dai ($DAI) and Paxos Standard ($USDP). This accumulation strategy allows them to have a significant amount of buying power when BTC reaches their desired price range.
**Whales Accumulating Stablecoins**
Santiment has provided some insightful figures regarding the accumulation of stablecoins by whales. Since June 27, the whales have accumulated 2% of the entire supply of Dai, and since July 2, they have accumulated 11% of the entire supply of Paxos Standard. These numbers highlight the substantial amount of stablecoins being amassed by these investors, indicating their intention to make a significant crypto purchase.
**BTC Hits $30K Target**
Bitcoin has finally reached the long-awaited target of $30K. This milestone comes at a time when the US Dollar is losing its value, which typically leads to an increase in the value of other markets, including stocks and cryptocurrencies. At the time of writing, BTC is trading at $30,382 with a decrease of 1.34% in the last 24 hours.
**BTC’s Consolidation Patterns**
By analyzing the chart provided by Santiment, it becomes evident that BTC has exhibited similar consolidation patterns in the past. Each time BTC consolidated above the 0.236 fib retracement level, which indicates a level of price support. Additionally, each higher low that BTC has formed in 2023 has been established at the Fib retracement 1 level.
**Potential Price Levels and Resistance**
Currently, BTC is testing the 0.236 fib retracement level, and if it manages to defend this level, buyers may push the price up. However, if BTC breaches this support level, it could fluctuate between the 0.236 and 0.382 fib retracement levels, representing $29,900 and $31,500, respectively.
**Whales Prepare to Take Action**
With BTC reaching its long-awaited target, whales are now poised to make their move. It remains to be seen how BTC will surpass new resistance levels. There is a possibility that it may break the $31,500 level before rising to $41,000, where it might encounter strong resistance.
It is important to note that the views, opinions, and information shared in this price prediction are published in good faith. Readers are advised to conduct their own research and due diligence before making any investment decisions. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from actions taken based on the information provided.