bitcoin price recently showed some strength and momentum to cross above the $38,300 level for the first time in over a year. This positive move occurred on Friday, November 25, ending a week marked by the departure of Changpeng “CZ” Zhao from Binance, the world’s largest cryptocurrency exchange.
According to the latest on-chain revelation, the rally above $38,000 could be just an indicator of what’s to come, if bitcoin price maintains its current momentum.
Santiment predicts a rise to $40,000, but here’s what needs to happen
Santiment blockchain analysis platform, in a post on X, provided insight into bitcoin‘s latest push above the $38,000 price. Although the leading cryptocurrency has since seen a price correction, this latest surge helped the price of bitcoin reach its highest point since May 5, 2022.
While the rise in bitcoin price may be related to numerous factors, Santiment has pointed to the largest Tether (USDT) addresses as one of the main contributors. According to on-chain data provided by the analytics platform, the 100 largest Tether addresses have invested $1.67 billion in the market over the past six months, reflecting 9.7% purchasing power.
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Tether's large addresses add $1.67 billion in six month | Source: Santiment/X
Tether, the largest US dollar stablecoin on the market, often provides stability to traders and investors in the naturally volatile cryptocurrency market. Following the revelation of Santiment, the The recent infusion of funds by USDT whale addresses suggests growing confidence among an important class of investors.
Whales or large cryptocurrency holders are considered important in the cryptocurrency landscape as their collective actions can dictate market sentiment and influence the trajectory of asset prices. In fact, the on-chain intelligence platform highlighted that “if the whales’ USDT purchasing power continues to increase,” bitcoin price could break the $40,000 barrier in the near future.
However, the bitcoin market, like the overall cryptocurrency market, is also driven by a number of other factors, including regulatory developments, macroeconomic trends, and technological advances. As for regulatory developments, several asset managers are still waiting for the green light from the Securities and Exchange Commission (SEC) to offer spot bitcoin exchange-traded funds (ETFs) in the United States.
bitcoin Price – Overview
At the time of writing, the price of bitcoin stands at $37,834, reflecting a 1.1% increase in the last 24 hours. Although the market leader had to endure a relatively quiet last week, the value of btc has managed to grow almost 4% in the last seven days, according to bitcoin” target=”_blank” rel=”noopener nofollow”>CoinGecko data. With a market capitalization of approximately $739 billion, bitcoin currently ranks as the largest cryptocurrency.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-price-at-40000-This-is-what-needs-to-happen" alt="bitcoin price” width=”2174″ height=”1442″/>
bitcoin price hovers around $38,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image by Barron, TradingView chart
