Bitcoin’s biggest holders are loading up fast, buying more than three times the amount of new Bitcoin being mined. This sharp increase in demand could push Bitcoin’s price toward the $100,000 mark, possibly by May.
Data from Glassnode shows that whales (those holding 100 to 1,000+ BTC) are now buying Bitcoin at over 300% of its current yearly supply. At the same time, crypto exchanges are seeing heavy outflows, meaning fewer coins are available for trading. This suggests that investors are moving Bitcoin into long-term storage or self-custody wallets.
This is a strong signal of confidence, especially from large players in the market.
The increased interest from traditional finance, mainly due to the launch of spot Bitcoin ETFs last year, is playing a major role. These financial products have made it easier for institutions to invest in Bitcoin, further reducing the available supply on exchanges.
Wallets holding over 10,000 BTC remain in accumulation mode, with their Trend Accumulation Score around 0.7 (on a scale where 1 means strong buying). Meanwhile, smaller holders who were selling earlier in the year are slowing down their selling activity.
Analysts are comparing this whale behavior to late 2020, just before Bitcoin’s major bull run.
Bitcoin has broken out of a falling wedge pattern on the daily chart. This pattern is a bullish signal and often leads to sharp upward moves. Based on technical analysis, this breakout gives Bitcoin a price target of around $101,570.
But there are key resistance levels to watch:
If current trends continue, Bitcoin could be on track for a strong move toward $100,000 by May.
