Many large investors who already own a significant amount of Bitcoin are still acquiring more of the cryptocurrency whenever its price dips. This strategy allows them to accumulate and hold onto their Bitcoin holdings.

Data from CryptoQuant suggests that the demand for Bitcoin is actually increasing among larger investors rather than those with smaller holdings. The analytics provider reports an 11% month-on-month growth in Bitcoin demand, much of which is driven by large Bitcoin holders.

According to Julio Monero from CryptoQuant, this increased demand from whales has been a major factor in recent price rallies for Bitcoin. The growing appetite for Bitcoin among these large investors highlights the value and acceptance of the cryptocurrency.

With the upcoming Bitcoin halving event, excitement about the future of the cryptocurrency is growing. This event, combined with the bullish outlook anticipated by many analysts, may be why large investors are eager to acquire more Bitcoin.

Crypto analyst Ali Martinez suggests that Bitcoin could reach a new all-time high if it breaks above $70,800. Martinez's technical analysis indicates that if Bitcoin maintains a price above this level, the next target could be $85,000. Market intelligence platform Santiment views potential price declines in Bitcoin as buying opportunities due to ongoing market panic.

As of the latest data, Bitcoin is trading at $70,895 with a 2.84% daily increase and a 6.94% weekly increase. While the price has already surpassed the $70,800 threshold, it is uncertain whether Bitcoin can sustain this new price level and potentially reach $85,000.