- According to updates from Santiment, the rise of Bitcoin shows a tight correlation with the activity of existing wallets holding 100 or more Bitcoins.
- The last four weeks, following a significant drop observed on November 9, witnessed 48 of these large whale wallets returning.
- The ongoing rally, combined with news of an upcoming ETF approval, highlights the health of this spot-driven bull market.
Bitcoin price increased positive sentiment by recording another significant peak on Tuesday evening: BTC whales are buying again!
Bitcoin Whale Wallets Begin Accumulating
Bitcoin price recorded another significant peak on Tuesday evening, with a 5% additional rally as the BTC price exceeded $44,300. At the time of writing, BTC is trading at $43,744, with a market capitalization of $855 billion.
According to on-chain data provider Santiment, the rise of Bitcoin shows a tight correlation with the activity of existing wallets holding 100 or more Bitcoins, closely tracking the price movement of BTC.
In the last four weeks following a significant drop observed on November 9, 48 of these large whale wallets returned. The reappearance of these large wallets indicates renewed interest and activity among significant players in the Bitcoin market, adding further insight into the ongoing dynamics affecting the BTC price.
In the current bull market, with main derivative data remaining relatively stable, spot-focused dynamics come to the forefront. As reported by Greeks Live, futures premiums remain around 10%, while implied volatilities (IVs) of options show modest gains.
The ongoing rally, combined with news of an upcoming ETF approval, highlights the health of this spot-driven bull market. With limited downside risks, this situation solidifies that the bull market is not just a temporary phase but a sustained trend with lasting strength.
What Are the Expectations of BTC Investors?
Investors like Bitcoin maximalist Max Keiser are excited about this week’s BTC price movement and expect a ‘God candle’ to reach $100,000. However, technical charts suggest that investors should wait before making any new entries at this point.
Renowned crypto analyst Ali Martinez notes a potential correction in Bitcoin price, pointing to the TD Sequential indicator indicating that the correction could start within the next 7 to 48 hours. This assessment is based on analyses of both daily and three-day charts.
According to crypto analyst Michael van de Poppe, a new price range has solidified. Anticipating a consolidation phase before a potential final push towards the $48,000 to $50,000 range, especially in the pre-ETF period, van de Poppe then forecasts a sideways movement period with support between $36,000 and $38,000. Investors are advised to closely monitor these potential market movements.
