Bitcoin (BTC) appears on track to hit $90,000 in the coming weeks as whales have accumulated roughly 20 times the cryptocurrency’s daily new supply over the past month.
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 near $92,220.
BTC whales accumulate at fastest pace since 2013
Whales, defined as entities holding more than 1,000 BTC, added about 270,000 coins to their wallets in the past 30 days — the largest buying spree since 2013, according to on-chain data provider CryptoQuant.
Part of that accumulation came from Strategy, whose filings show it bought roughly 42,166 BTC between March and April, about 16% of the whale purchases over the same period.
US-based spot Bitcoin ETFs also recorded more than $200 million in net inflows during that stretch, though those inflows remain modest compared with earlier phases of the cycle, suggesting cautious re-engagement by institutional investors.
The accumulation continued despite sharp volatility in recent weeks, including a roughly 15% drawdown before a full recovery. Easing US–Iran tensions helped lift risk appetite and aided the rebound.
BTC triangle setup hints at rebound to $90,000
Technically, Bitcoin has entered the breakout stage of a prevailing symmetrical triangle pattern. Triangles can break either way, but the resulting move often approximates the formation’s maximum height. BTC has broken above the triangle’s upper trendline, opening the door to a potential rally toward the measured target near $92,220 by April or May.
For that move to play out, Bitcoin must break decisively above its 200-day exponential moving average (200-day EMA) — around $83,000 — which limited earlier upside attempts in January.
Crypto analyst Nic Puckrin, 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 eases stagflation fears.
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