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Analyses by major companies in cryptocurrencies continue to draw attention before a potential bull run. While it is unknown when interest rates will drop in the US, this situation continues to create significant pressure on the market. Amidst all this, a statement by Santiment has generated great excitement in the market.
Santiment’s Bitcoin Chart View
Data provided by Santiment reveals that a Bitcoin (BTC) indicator, known for showing rallies during historical reviews, is forming bullish signals. The graph shared by Santiment shows an increase in crypto wallets holding at least 10 BTC, which is thought to create an upward trend in BTC prices.
On the contrary, in the event of a possible sale, a bearish market dominance is indicated.
Historically, one of the most important leading indicators of crypto is the collective assets of wallets holding at least 10 Bitcoins (exchanges or otherwise). When these accumulate, cryptocurrencies rise. When they accumulate, long bear markets begin.
According to the information provided by Santiment, the activities of BTC holders making large investments and the price of BTC show parallelism.
When looking at how many total whale transactions (over $100,000 or over $1 million) occur daily on the BTC network, we can often see price reversals. The general rule for whale transactions, among other important on-chain metrics, is:
- If prices are rising during a large whale transaction, the likelihood of price correction and drop is high.
- If prices are falling during a large whale transaction, the likelihood of price bounce and rise increases.
Santiment also presented a different view regarding whales. Despite the whale investments, it is noted that sometimes these purchases can occur even when there is no reason to boost the market.
Whale and shark behaviors play a very important role in the present and future of an asset. Sometimes real accumulations occur due to excitement about technology or additional risk expectations (such as from an exchange-traded fund approval). Other times, there may be no reason for accumulation, and a whale has decided it’s time to pump the markets.
What is Bitcoin’s Current Price?
As of the time of writing, Bitcoin continues to find buyers at $67,500 after a 0.64% drop in the last 24 hours.
During this period, BTC’s market cap fell to $1.332 trillion, while the 24-hour trading volume decreased by 7% to $27.3 billion, indicating a decline in interest.
