Analysts forecast Bitcoin price to reach $46,000

Whalemap’s service envisaged the price of Bitcoin rising to $46,000 after crossing the $40,000 mark.

Once we get there, some whales will be selling at 46k to reduce risk at their breakeven prices.

— whalemap (@whale_map) June 14, 2021

According to the service, in the price range ($33 000-$40 000) major holders of digital gold purchased about 461 000 BTC. In the next price band ($40 000-$46 000), the situation differed — at these levels, Bitcoin whales bought far less frequently.

Analysts believe that if Bitcoin’s price breaks through the $40 000 resistance, it could trigger a powerful rally toward the $46 000 target.

After reaching the target, the upward move could pause — some whales may hedge risks by selling part of their holdings at break-even.

According to Whalemap, major investors also actively accumulated digital gold at prices in the $50 000-$60 000 range.

Earlier, Santiment noted that amid the market correction, whales increased their positions in the leading cryptocurrency. According to the company, over the last month Bitcoin addresses holding more than 1 000 BTC collectively bought 80 000 BTC during the price drop.

🐳 #Bitcoin whales aren’t slowing down their accumulation of $BTC, and the uptrend of tokens held by these addresses holding 1,000+ $BTC continues. This is a strong bode of confidence for #bulls, seeing top key stakeholders are increasing their bags. 💰 https://t.co/EpWks1TIqX pic.twitter.com/3bsprADbhI

— Santiment (@santimentfeed) June 10, 2021

On June 14, Bitcoin price broke through the resistance at $40 000. At the time of writing, the cryptocurrency was trading at $40 567.

Earlier, Elon Musk said that Tesla would resume accepting Bitcoin for electric-car purchases once it confirms that at least half of miners have switched to renewable energy.