Bitcoin whales appear to have used the latest decline as an opportunity to accumulate.
Analyst Ali Martinez reported that large holders added 16,010 BTC over five days as the Bitcoin price fell from roughly $87,000 toward $80,000.
Their combined holdings increased from 5,247,316 BTC to 5,263,326 BTC during that period, a rise of about 0.305%.
Ali believes that buying activity strengthens the case for another move higher, but one major resistance level still stands in the way.
What you'll learn 👉
Whales Added More Than 16,000 BTC Into the Decline
The first chart shows whale holdings increasing steadily between October 8 and October 11.
That is notable because price was moving in the opposite direction.
Whale balances rose from roughly 5.247 million BTC to more than 5.263 million BTC, meaning large holders were adding exposure as the market weakened.
This type of divergence can be constructive.
If larger holders are willing to accumulate during a drop, it can reduce available supply around lower prices and create a stronger base for a recovery.
But accumulation alone does not guarantee an immediate rally.
Ali argues that price still needs to confirm the move.
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$84,569 Is the Main Level to Watch
The second chart makes that confirmation level very clear.
On-chain data shows a very large amount of Bitcoin changed hands around $84,569, with the bar at that level much larger than the surrounding price zones.
That creates a heavy supply area.
Ali estimates that nearly 800,000 BTC were previously traded around $84,569.
If Bitcoin can move above that level and hold it, the analyst believes the next targets are around $89,000 and then $94,000.
His broader chart also shows Bitcoin testing the lower boundary of a rising channel.
That gives the setup a simple structure:
| Bitcoin Price Level | Role |
|---|---|
| $80K-$81K | Main support zone |
| $84,569 | Key resistance and confirmation level |
| $89,000 | First upside target |
| $94,000 | Larger upside target |
My Honest Take on Bitcoin Price Prediction
Ali’s argument is fairly simple to understand.
Whales bought into weakness, Bitcoin is defending a major support area, and the next real test is $84,569.
The strongest part of the setup is the combination of whale accumulation and a clearly defined on-chain resistance zone.
If BTC fails at $84,569 again, the market could remain stuck between roughly $80,000 and $85,000.
If buyers push through it with conviction, then $89,000 becomes a realistic next target.
A move toward $94,000 would likely need Bitcoin to first turn the $84,569 area into support and then clear the upper-$80,000 region.
So the whale buying is encouraging, but the price still needs to confirm what the large holders appear to be anticipating.
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