Bitcoin Whales Accumulate: Will BTC Price Soar?

Bitcoin (BTC) whales holding 10+ BTC have reached their highest level in two years, hinting at potential price momentum. While BTC flirts with $66,000, on-chain data suggests a correlation between whale activity and BTC price movements since the collapse of FTX. Despite this, BTC price remains under pressure and needs a catalyst to break through $70,000.

Crypto analyst Benjamin Cowen suggests that a significant crypto rally is unlikely until the Federal Reserve cuts interest rates again. He points to the historical correlation between rate reductions and altcoin market performance. Cowen warns that altcoin season may be premature and investors should remain cautious, especially during periods of high bitcoin dominance.