While the invasion of Ukraine by Russia had a bearish effect on the price of Bitcoin (BTC), whales in the market have seen this as a rare opportunity to accumulate more of the biggest cryptocurrency.
Following President Vladimir Putin of Russia’s declaration of total invasion of Ukraine, Bitcoin addresses holding between 1,000 and 10,000 BTC have spiked.
According to data by Santiment Feed, the number of BTC addresses in this category surged by 8.3% since the invasion started. The number of Bitcoin addresses holding between 1,000 and 10,000 Bitcoin hit 2,203, a one-year new high, representing a strong bullish bias.
“The amount of Bitcoin addresses holding 1k to 10k BTC has jumped by 8.3% since the Russia–Ukraine war was made official. The 2,203 addresses are at a 1-yr high,” Santiment tweeted today.
🐳 The amount of #Bitcoin addresses holding 1k to 10k $BTC has jumped by 8.3% since the #Russia–#Ukraine #war was made official. The 2,203 addresses is at a 1-yr high. Both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves. https://t.co/qhgR8p9atH pic.twitter.com/pZTgIhXLHl— Santiment (@santimentfeed) March 25, 2022
Negative Reactions From investors
Many investors feared that the provocation of Russia in Ukraine could trigger NATO military actions, considering the strong ties between Ukraine and the NATO nations. Should that happen, we would be looking at WWIII. This prompted many investors to sell off their BTC holdings to accumulate more stablecoins and Gold, which is evident in the recent increase in the price of the yellow metal.
This major sell-off leads to a further dip in the coin price. But instead of panic-selling like other investors, some BTC holders saw this as an opportunity to reposition themselves in the market by buying more of the coin at a low price.
Positive BTC Predictions
As more people continue to buy in, BTC’s price has steadily increased, breaking above its low of $35,000 when the war started.
At the time of writing, the price of Bitcoin is $44,500 and based on popular predictions; the price is expected to break the significant $45,000 resistance soon.
However, the price of BTC is believed to be approaching an imminent rally, and the coin could be on its way to over $50,000 if it breaks the $45,300 level soon.