Big Bitcoin investors are betting on an upcoming price spike

As Bitcoin (BTC) maintains a relatively stable position, indicators hint at a potential spike in the cryptocurrency's value.

According to the founder of CryptoQuant, Bitcoin the whales have occupied significant long positions around the $69,000 level, which reflects the positive outlook among large investors.

This optimism is bolstered by insights from analyst Ali Martinez, who noted a sharp increase in the "Bitcoin Taker Buy Sell Ratio" on the HTX exchange, indicating strong buying pressure and bullish sentiment among traders.

# Bitcoin Taker Buy Sell Ratio on @HTX_Global has spiked to 730!

This massive buying pressure indicates overwhelming bullish sentiment, suggesting a strong upward trend $ BTC price movement could be on the horizon. pic.twitter.com/4hNq4l4Gld

— Ali (@ali_charts) June 9, 2024

These observations are in line with a recent CryptoQuant report highlighting a surge in BTC demand from whales and long-term holders, a trend typically associated with bullish price movements.

Interestingly, the current behavior of Bitcoin whales mirrors the patterns seen in 2020, preceding a significant rise from $10,000 to over $60,000. During this period, BTC hovered around $10,000 for an extended period characterized by notable OTC transactions.

What's more, Martinez identified a notable uptick in daily active addresses, suggesting increased market activity and a potential continuation of the uptrend.