Bitcoin (BTC) has been on a downward trend lately. It reached an all-time high of nearly $74,000 in March, but has been steadily declining since then. At the time of writing, the price of the digital coin is approximately $60,700. Interestingly enough, large investors, also known as ‘whales’, appear to be taking advantage of this dip by buying en masse.

According to the blockchain analytics platform Saintly whales purchased approximately $941 million worth of BTC in 24 hours, increasing their total holdings by 15,121 BTC. This is the highest level in two weeks.

Another analytics platform, CryptoQuant, also recorded significant buying by whales a few days ago. Within a three-day period, they purchased $3 billion worth of Bitcoin, totaling 47,000 Bitcoins.

The recent large-scale purchases by whales are considered a vote of confidence in the Bitcoin market, especially after a period of significant selling. The actions of these major investors suggest that they are anticipating a price increase. This is partly based on their access to advanced analysis tools and in-depth market knowledge.

Bitcoin price could rise to $85,200

According to the founders of on-chain analytics platform Glassnode, Bitcoin could potentially increase significantly in value. They have set a target price of $85,200, to be reached before the summer. This prediction is based on breaking the ‘bullish pennant’ pattern, with the current price moving between $60,000 and $66,000. If Bitcoin manages to successfully cross this threshold, it could lead to further price increases.

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