Bitcoin’s biggest players, known as whales, have made a bold move, snapping up over 60,000 BTC in the past 30 days—a haul worth $5.39 billion. This aggressive accumulation hints at growing confidence among large investors that Bitcoin’s price is set to soar.

Data from CryptoQuant reveals that whale holdings jumped from 3.39 million BTC in early February to 3.46 million BTC by early March. Historically, such buying sprees have foreshadowed major price surges. Last year, for example, similar whale activity preceded Bitcoin’s climb from $60,000 to over $100,000, suggesting these investors are betting on another big rally.

Meanwhile, pressure on Bitcoin’s price is easing at Binance, the world’s largest crypto exchange. CryptoQuant reports show the exchange’s whale ratio—tracking large inflows against total deposits—has been trending downward. A falling ratio points to reduced selling by major holders, a shift that has often signaled the end of a correction phase and the start of a rebound in past cycles.

Adding fuel to the bullish outlook, crypto analyst Trader Tardigrade has spotted a multi-year inverse Head & Shoulders pattern on Bitcoin’s chart. This technical setup, which signals a potential trend reversal, recently retested a key support level at $70,000. If the pattern fully plays out, Tardigrade predicts Bitcoin could rocket to $350,000—a target rooted in the formation’s historical structure, spanning from a 2021 peak to a 2024 recovery.

Despite recent market ups and downs, Bitcoin is holding firm at critical support levels. The mix of whale buying, lighter selling pressure, and this compelling technical pattern suggests a powerful upward move could be brewing. Still, the crypto market’s volatility means risks like regulatory changes or economic shifts remain in play, urging investors to tread carefully.

In short, with whales stockpiling $5.39 billion in BTC, Binance selling pressure fading, and a $350,000 target in sight, Bitcoin might be gearing up for its next big leap.