Bitcoin Bull Rally Is Far From Over According To These Large Whales
06 Dezembro 2023 - 9:00AM
NEWSBTC
Bitcoin has really heated up in the past few weeks, pushing its
price above consecutive price resistances to reach new yearly
highs. Bitcoin recently pushed past $44,000, registering gains of
15% in a 7-day timeframe. However, while the price gain can
be partly attributed to hype around the spot Bitcoin ETFs, on-chain
data shows increased activity among many big holders. According to
the on-chain analytics platform Santiment, the recent surge in the
price of BTC has been connected with an increase in the number of
wallets holding more than 100 BTC. Large Bitcoin Wallets Increase
Purchases An X post by Santiment has revealed the amount of wallets
holding 100 BTC or more has been on the rise for four weeks.
Bitcoin went through unprecedented gains in October, and whales and
large holders holding between 100 and 1,000 BTC increased by 16
wallets. As a result, BTC continued on its price climb, pushing
$30,000, the first of many to come in the following weeks.
Related Reading: Bitcoin Rises To $41,000: How Much Profit Has
Microstrategy Made On Its BTC Bet? However, Santiment data shows
that the number of large wallets saw a big drop-off on November 9,
correlating with a brief period of profit-taking which saw Bitcoin
drop from $37,000 to $35,500 by November 15. Things started
to change by mid-November, indicating that the bull rally wasn’t
slowing down. The number of whale addresses holding 100 BTC or more
started to rise around this time period, and 48 of these whale
wallets have returned in the past four weeks, indicating these
large players have been busy stocking up on BTC during the rally.
According to Santiment data, there are now around 16,000 of these
wallets. 🐳 #Bitcoin‘s climb has continued, reaching $44K just 2
hours ago. The amount of existing 100+ $BTC wallets have correlated
tightly with this price climb. Since a big drop-off on November
9th, 48 of these whale wallets have returned in the past 4 weeks.
https://t.co/4lNBvn1HB3 pic.twitter.com/jJYVsPSbfk — Santiment
(@santimentfeed) December 5, 2023 More BTC Gains In December?
December has historically been a mixed month of performance for
Bitcoin. However, the last time the crypto registered price gains
in October and November, it would go on to spike another 46.92% in
December. A repeat could see Bitcoin reach above $55,000 before the
end of the year. Source: X The recent Bitcoin price rally is
somehow different from past rallies, as potential catalysts for a
price surge like the next halving and the launch of spot Bitcoin
ETFs in the US are still yet to happen. Santiment’s on-chain metric
regarding whale wallets reiterates the position of many crypto
analysts predicting that the recent price surge is just the start
of an extended bull run that will continue through 2024.
Related Reading: The Bulls Are Back: Crypto Institutional Inflows
Balloon To 2021 Levels Bitcoin is currently trading at $43,767
after briefly touching over $44,000 for a few hours. According to
crypto analyst Ali Martinez, the TD Sequential indicator indicates
a possible price pullback for BTC to the $37,000 support zone. A
#Bitcoin price correction is coming… The question is when? Well,
the TD Sequential indicator suggests that a potential $BTC price
pullback could begin within the next 7 to 48 hours, based on the
daily and three-day charts. 👀 pic.twitter.com/UwI1IMq4jo — Ali
(@ali_charts) December 5, 2023 BTC price reclaims $44,000 | BTCUSD
on Tradingview.com Featured image from InfoMoney, chart from
Tradingview.com
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