CryptoQuant analyst predicts the commencement of the whale accumulation phase
Mignolet, a CryptoQuant analyst, is of the opinion that accumulation whales should start making bullish moves at this time.
According to Mignolet, who authored the book Investment Secrets of Bitcoin Whales, the unspent transaction output (UTXO) in profit has been steadily increasing. The current chart shows that Bitcoin UTXOs in profit stand at 80.7%.
To put it simply, there is currently a lower amount of BTC UTXOs in profit compared to March, when Bitcoin reached its all-time high of $73,750.
This current situation is reminiscent of October 2023, when Bitcoin began its upward momentum that eventually led to a bull run across the entire market.
Mignolet believes that accumulation whales may soon react to the current fear, uncertainty, and doubt (FUD) in the market. This could potentially result in a “V-shaped rebound,” according to the analyst.
These bullish expectations arise as the global cryptocurrency market has been facing a bearish period over the past month. CoinGecko data reveals that the global cryptocurrency market capitalization has dropped from $2.7 trillion to $2.34 trillion in the past 30 days.
On June 24, Bitcoin briefly fell to a one-month low of $58,402 as the spot BTC exchange-traded funds (ETFs) in the U.S. experienced $174.5 million in net outflows.
For more information, read about the release of WikiLeaks founder Julian Assange from prison and his crypto holdings.
