Bitcoin Price Surges Above $44,000
Bitcoin has experienced a significant surge in price over the past few weeks, reaching new yearly highs and surpassing $44,000. In just a 7-day timeframe, Bitcoin gained 15%. While some of this increase can be attributed to the excitement surrounding spot Bitcoin ETFs, on-chain data reveals that many large holders have been active in the market.
Increase in Wallets Holding 100 BTC or More
According to Santiment, there has been a consistent rise in the number of wallets holding 100 BTC or more for the past four weeks. During October’s unprecedented gains, there was an increase of 16 wallets held by whales and large holders with 100 to 1,000 BTC. This influx of large players contributed to Bitcoin’s upward momentum, pushing it past $30,000. However, there was a temporary drop-off in the number of large wallets on November 9, coinciding with a brief period of profit-taking.
Whales Stocking Up on BTC
Despite the temporary dip in large wallets, mid-November saw a reversal in this trend as more whale addresses holding 100 BTC or more started to emerge. Over the past four weeks, 48 of these whale wallets have returned to the market, indicating that these large players have been actively accumulating BTC during the ongoing rally. Currently, there are approximately 16,000 wallets holding at least 100 BTC.
Predictions for Bitcoin’s Future
Crypto analysts predict that Bitcoin’s recent price surge is just the beginning of an extended bull run that could continue until 2024. However, there are indications that a price pullback may be imminent. The TD Sequential indicator suggests a potential correction for BTC with a possible pullback to the $37,000 support zone. As of now, Bitcoin is trading at around $43,767 but may experience some volatility in the coming days.
Hot Take: Bitcoin’s Rally Continues with Increased Whale Activity
Bitcoin has experienced a remarkable rally in recent weeks, with its price surging above $44,000 and registering gains of 15% in just seven days. This surge can be partially attributed to the excitement surrounding spot Bitcoin ETFs. However, on-chain data from Santiment reveals that the increase in BTC’s price is also connected to the activity of large holders. The number of wallets holding 100 BTC or more has been consistently rising for four weeks, indicating increased participation from whales. These large players have been actively accumulating BTC during the rally, suggesting that they are confident in Bitcoin’s future prospects. Despite predictions of a potential price pullback, the overall sentiment remains positive for Bitcoin’s continued growth.
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