Author: Jesse Coghlan, CoinTelegraph; Compiled by: Five Baht, Golden Finance

Blocktrends analysts said that after the price of Bitcoin hit a six-digit record high, Bitcoin majors began to buy this cryptocurrency in large quantities. Cryptocurrency.

Blocktrends head of research Cauê Oliveira wrote in a January 8 CryptoQuant post that institutional investors have accumulated more than 34,000 Bitcoins, currently worth $3.2 billion, providing support for Bitcoin’s current recovery. purchase pressure.

Oliveira explained that in the week after December 21, wallets holding between 1,000 and 10,000 Bitcoins sold 79,000 Bitcoins, just days after the Fed’s interest rate cut caused Bitcoin prices to drop in December. It reached a peak of over $108,000 on the 17th, ultimately "generating a 15% correction."

He added that "large players took advantage of the consolidation" and began breaking large trades into multiple smaller orders to buy when Bitcoin was trading below $95,000.

Bitcoin's seven-day balance change has turned positive after a sell-off of nearly 80,000 BTC in late December. Source: CryptoQuant

As of writing, Bitcoin is trading at around $94,900, down around 2.3% on the day along with the broader cryptocurrency market as U.S. employment and economic data shattered further late January Hopes of a rate cut.

Bitfinex analysts said in a January 6 market report that sell-side liquidity in the Bitcoin market "is shrinking rapidly" and that the worst downward pressure on its price may be over.

However, analysts predict that Bitcoin could hit all-time highs this year, driven by incoming U.S. President Donald Trump’s pro-crypto and adoption of Bitcoin.

Fidelity Digital Assets Research analyst Matt Hogan wrote in a paper on January 7 that the firm expects “more central banks, sovereign wealth funds and The Treasury Department will seek to establish a strategic position in Bitcoin. ”

Blockware analysts said late last month that in a worst-case scenario, U.S. Bitcoin reserves could push its price as high as 150,000. above the US dollar, and in the best-case scenario, the cryptocurrency will rise above $400,000.