Bitcoin whales bought the recent decline, accumulating 16,010 BTC over five days as the price fell from around $87,000 toward $80,000. According to analyst Ali Martinez, data from Santiment shows large holders increased their balances from 5,247,316 BTC to 5,263,326 BTC, a rise of about 0.305% between October 8 and October 11.
Martinez viewed the buying as a constructive signal, but stressed that Bitcoin still needs to reclaim $84,569 to confirm a rebound. Glassnode data indicates roughly 800,000 BTC previously changed hands around that level, creating a significant supply zone that could influence short-term price action.
If buyers push Bitcoin above $84,569 and hold it, Martinez’s setup points to potential upside targets at $89,000 and then $94,000. Key support is seen in the $80,000–$81,000 area. Failure to break resistance could keep Bitcoin rangebound between about $80,000 and $85,000, even with the whale accumulation underway.
