Bitcoin Whales Boosting Price Momentum
Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down.
Unprecedented Growth in New Bitcoin Whale Addresses
Data from analytics firm Santiment reveals a significant increase in new mid-whale addresses, which hold between 100-1,000 BTC. This surge in whale wallets indicates that large investors are making moves to push BTC up. Over the weekend, the number of Bitcoin wallets holding between 100 and 1,000 BTC experienced its largest jump this year.
Will We See BTX Reach $30,000 Again Soon?
Whale addresses have increased by 117 BTC in the past 48 hours, worth roughly $3.2 million, as whales look to push price gains. The continued influx of investors accumulating Bitcoin could signal higher demand and price appreciation for the leading cryptocurrency. If this trend continues, there is a significant likelihood that Bitcoin will reach $30,000 by the end of this week.
Movement of Stagnant Coins Aids Price Push
The recent push in Bitcoin’s price was likely aided by large amounts of older coins that were finally moved. Santiment’s “Age Consumed” measure shows that dormant BTX has changed wallets since July. This movement suggests increased activity and potential market volatility.
The Uncertain Path for Bitcoin
While Bitcoin has historically been used as a hedge against inflation, its short-term price trajectory is currently hard to predict. Various market factors can influence its direction. For example, the SEC’s approval of spot Bitcoin applications could signal a new bull run to new highs. At the time of writing, BTC is trading at $27,740 and is looking to cross over $28,000.
Hot Take: Bitcoin’s Price Momentum Builds as Whales Accumulate
Despite a disappointing performance last week, Bitcoin is showing signs of growth in the new week. The increase in whale wallets and the movement of stagnant coins suggest that large investors are pushing for price gains. If this trend continues, Bitcoin could reach $30,000 by the end of the week. However, the short-term trajectory remains uncertain due to various market factors. The SEC’s approval of spot Bitcoin applications may contribute to a potential bull run. Stay tuned as BTC continues to trade around $27,740 with the potential to surpass $28,000.
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