bitcoin has bitcoin-50m-addresses-signal-rise-in-adoption/” rel=”nofollow”>really warmed up in recent weeks, pushing its price above consecutive price resistances to reach new yearly highs. bitcoin recently exceeded $44,000recording profits 15% within 7 days.
However, while the price increase can be partly attributed to the hype around the bitcoin-etf-kill-switch-experts/” rel=”nofollow”>detect bitcoin ETF, on-chain data shows increased activity among many large holders. According to on-chain analytics platform Santiment, the recent rise in the price of btc has been linked to an increase in the number of wallets holding more than 100 btc.
Large bitcoin wallets increase purchases
An X post from Santiment revealed that the number of wallets with 100 btc or more has increased for four weeks. bitcoin saw unprecedented gains in October, with whales and large holders owning between 100 and 1,000 btc. increased by 16 portfolios. As a result, btc continued its price rise, reaching $30,000, the first of many to hit in the coming weeks.
However, Santiment data shows that the number of large wallets saw a large drop on November 9, which correlates with a brief profit-taking period in which bitcoin fell from $37,000 to $35,500 on November 15.
Things began to change in mid-November, indicating that the bullish rally was not slowing down. The number of whale addresses with 100 btc or more began to increase in this period, and 48 of these whale wallets have returned in the last four weeks, indicating that these big players have been busy stocking up on btc during the rally. According to Santiment data, there are currently around 16,000 of these wallets.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoinThe rise has continued, reaching $44,000 just 2 hours ago. The number of 100+ existing $btc Wallets have been closely correlated with this price increase. Since a big drop on November 9, 48 of these whale wallets have returned in the last 4 weeks. https://t.co/4lNBvn1HB3 pic.twitter.com/jJYVsPSbfk
– Sentiment (@santimentfeed) December 5, 2023
More btc gains in December?
December has historically been a month of mixed performance for bitcoin. However, the cryptocurrency last recorded price gains in October and November, it would surge another 46.92% in December. A repeat could see bitcoin surpass $55,000 before the end of the year.
<img decoding="async" class="alignnone size-medium wp-image-564111 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/12/bitcoin-whales.png?w=460&resize=460%2C246" alt="bitcoin whales" width="460" height="246" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/bitcoin-whales.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/12/bitcoin-whales.png?w=460&resize=460%2C246 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1"/>Source: X
The recent bitcoin price rally is somewhat different from past rallies, as bitcoin-spot-etf-the-most-important-catalyst-price/” rel=”nofollow”>potential catalysts due to a price increase bitcoin-dip-before-halving/” rel=”nofollow”>the next halving and the ethereum-experts-predict-trillions-inflow-spot-etfs/” rel=”nofollow”>bitcoin Spot ETF Launch in the US they are 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 beginning of a prolonged bull run that will continue until 2024.
bitcoin is currently trading at $43,767 after briefly touching over $44,000 for a few hours. According to crypto analyst Ali Martínez, the TD Sequential indicator indicates a possible btc price pullback to the $37,000 support zone.
TO bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin The price correction is coming… The question is when?
Well, the TD Sequential indicator suggests that a potential $btc The price pullback could begin within the next 7 to 48 hours, depending on the daily and three-day charts. pic.twitter.com/UwI1IMq4jo
—Ali (@ali_charts) December 5, 2023
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Bullish-Rally-Far-From-Over-According-to-These-Big" alt="bitcoin” width=”2650″ height=”1530″/>
btc price reclaims $44,000 | BTCUSD on Tradingview.com
Featured image from InfoMoney, chart from Tradingview.com
