Bitcoin Hits a New ATH Above $107K for the First Time and Whales Continue to Accumulate BTC

Bitcoin (BTC) hit a new ATH above $107K for the first time today, making it a massive success as it surged more than 80% since the bull rally began on October 10. This is truly a great achievement and most interestingly, despite BTC increasing by more than 80%, big players continue to accumulate BTC. And more interestingly, Wall Street's big players are admitting to Bitcoin "FOMO".

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Bitcoin just hit a new ATH at $107,046 but it looks like it will continue to move higher and break new records. Big players continue to increase their influence in the crypto market and I don't think it would be surprising if Bitcoin hits crazy prices in the future.

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Since the bull rally began back on October 10th, there has been a net increase of 1,582 more wallets that hold at least 100 BTC, a jump of +9.9% more wallets in the relatively short period of time!

According to data shared by on-chain market intelligence platform Santiment, the number of wallets holding 100 or more BTC has increased from 16,072 to 17,644 in the last 9 weeks. The 9.9% increase clearly shows that big players are increasing their influence in the crypto market.

Bitcoin was trading around $59,000 on October 10 and is currently trading around $107,046, meaning it has increased by more than 80% in about 66 days, and is signaling that it could rise even higher, which increases the appetite of giant companies and investors.

The incoming Donald Trump administration is known to be much more crypto-friendly than the Biden’s White House. Trump plans to establish a Bitcoin strategic reserve in the US and also recently said that he is considering creating a national stockpile of the digital currency, similar to the country's strategic oil reserve.

While big players are increasing their influence in the crypto market, some are openly admitting to Bitcoin "FOMO". Frankly, I think it's not too late. It looks like 2025 could be the year of Bitcoin and I think very interesting things will happen in 2025, like all crypto investors I am already very curious about what will happen. Many analysts think that Bitcoin will hit $120K in 2024 and $150K in Q1 2025, I agree with them but I would like to say that I am much more optimistic and believe that Bitcoin can hit even higher. We'll wait and see.

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@rtonline

This is not investment advice, I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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