During Sunday’s low volatility trading, Bitcoin experienced a minimal 0.01% increase, reaching $68,365. The neutral candle suggests buyers are regaining strength after last week’s high-momentum rally. As crypto whales tighten their grip on the asset, BTC has broken out of a seven-month consolidation pattern.

Bitcoin Breaks 7-Month Consolidation as Whale Activity Surges

Santiment data reveals that Bitcoin’s recent price recovery is supported by an increasing number of crypto whales. Since BTC’s correction bottomed at $60,000, the number of wallets holding between 100 and 1,000 BTC grew by 268. This surge in large holders is typically viewed as a bullish signal, reigniting “Uptober” sentiment in the crypto market.

Another key factor driving Bitcoin’s recovery is the SEC’s approval for Bitcoin ETF options to be listed on the New York Stock Exchange (NYSE). This new crypto-based product is expected to provide the Bitcoin ETF with the necessary liquidity to attract sustainable inflows.

With Bitcoin just 7.5% below its all-time high, this approval could push the BTC price past its previous peak.

BTC Price Signals Key Breakout for New ATH

For the past seven months, Bitcoin has traded sideways within a flag pattern formed by two downsloping trendlines. This chart setup theoretically indicates an established rally, with the temporary counter-trend move helping buyers regain bullish momentum.

In October, Bitcoin surged from $60,000 to $68,323, marking a 14% increase. This upswing also highlighted price sustainability above key daily exponential moving averages, signaling a bullish sentiment for further gains.

On Friday, the rising price decisively broke through the overhead trendline, signaling the end of the 7-month consolidation. If this breakout holds, buyers could drive a 22% rally to reach a new high of $82,000.

However, if Bitcoin reenters the flag range, sellers may regain control and initiate a fresh correction.

Frequently Asked Questions (FAQs)

1. What caused Bitcoin’s 7-month accumulation phase to end?
Bitcoin’s 7-month accumulation phase ended after a decisive breakout from its flag pattern, fueled by increasing whale activity and the SEC’s approval of Bitcoin ETF options on the New York Stock Exchange.

2. Why is the surge in whale accumulation significant?
This surge in whale accumulation is seen as a bullish indicator, signaling renewed confidence in Bitcoin’s potential for further price appreciation.

3. What is the potential price target for Bitcoin following this breakout?
If the breakout from the 7-month accumulation phase holds, Bitcoin could rally by 22%, pushing the price to a new all-time high of $82,000. However, if the price falls back into the flag pattern, sellers may regain control, leading to a fresh correction.