Bitcoin (BTC) has shown the capability of rising toward $75,000 by the end of this year as it breaks out of a classic bullish pattern and picks additional upside cues from its richest investors' recent accumulation spree.

In the last 24 hours, BTC rallied over 6% to reach a three-week bull pennant of $66,500. Through that, the cryptocurrency commenced on a setup remindful of a bull pennant.

Bull Pennants are bullish continuation patterns that appear when an instrument consolidates in a Triangle-like price range following a strong move higher known as Flagpole.

It commonly ends up breaking out of the range to the upside, to hit a profit target at length equal to the Flagpole's size.

When it comes to confirming a bull pennant break out, Bitcoin tricks almost all the boxes. As a result, the possibility of its profit target remaining as high as the height of its flagpole rises, which is over $12,300.

Whales on a BTC buying spree

Bitcoin's bullish trend was confirmed by an on-chain indicator that follows the accumulation activities of the wallets with balances between 10,000 BTC and 100,000 BTC.

There is a clear indication that "Bitcoin whales" have been accelerating their BTC buying spree.

Distinctively, BTC Whales accumulated 43,000 BTC, worth about $2.82 billion, in the last five days and about 92,000 BTC, over $6 billion, in the last 25 days.

An on-chain analyst, Willy Woo, noted that Bitcoin saw an increase in exchanges to cold storage transactions in recent weeks as dollar-pegged stablecoin USDC (USD) also surged.

& In a note to his clients, Willy Woo said:

"Price was previously overheated, calling for a time of consolidation, since then we've seen significant buying from investors while [the] price has been sideways… It’s been a healthy consolidation. Meanwhile, significant whale activity has been spotted which suggests BTC’s next move in price may come soon."

The post Bitcoin bullish trend picks momentum as whales enter BTC accumulation spree appeared first on Coin Journal.

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