Bitcoin whales hold steady as price stabilises at $96K
Bitcoin (CRYPTO:BTC) whales are adopting a cautious stance as the cryptocurrency hovers around $96,000, according to recent analysis.
Despite significant inflows of Bitcoin into exchanges, these large holders are refraining from making major moves.
Onat Tütüncüler, a contributor at CryptoQuant, noted that while there is currently no immediate selling pressure, the influx of Bitcoin into exchanges could signal potential future sell-offs.
“As such, these movements should be closely monitored to anticipate any possible market impact,” he stated.
Tütüncüler pointed out that since Donald Trump’s presidential election win on November 5, there has been a notable increase in Bitcoin transfers to exchanges.
Typically, large transfers to exchanges indicate an impending sell-off; however, this time it appears that whales are opting for a “wait-and-see” strategy instead.
The Adjusted Spent Output Profit Ratio (aSOPR) metric shows no significant profit-taking activity at this time.
In bull markets, traders often hold onto their Bitcoin as long as they expect further growth before reallocating funds to other cryptocurrencies.
However, Bitcoin's dominance has decreased by 5.54% since November 28, suggesting that some rotation may be occurring among traders.
The long-term holder realized price for Bitcoin stands at $24,994, indicating that those who have held their investments for over 155 days are enjoying substantial profits of around 3,800%.
While traders anticipate Bitcoin will maintain its current price level, skepticism remains regarding its potential to reach $100,000 by the end of 2024.
Rekt Capital remarked on social media that Bitcoin is “producing longer and longer downside wicks,” but believes it can reclaim support around $96,400.
Szymon Sypniewicz of Ramp Network expressed uncertainty about whether Bitcoin will cross the $100,000 mark before year-end but suggested that a rise to $110,000 seems likely in the future.
At the time of reporting, the Bitcoin (BTC) price was $95,878.59.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Could Overtake Bitcoin by 2025, Says Benjamin Cowen Analysis
DOGE Creator Says ‘I’m Pre-Rich’, Sparking Hot Crypto Discussion
Top 15 Projects by Total Value Locked Last 30 Days
Dogecoin's Ascending Pattern Signals Potential Long-term Breakout Target