Bitcoin Whales: careful tracking on the way to 100 000 USD

Bitcoin Whales: careful tracking on the way to 100 000 USD

A fascinating trend has begun to emerge in the cryptocurrency scene in recent days. Bitcoin, although hovering just below the magical USD 100,000 mark, is attracting the attention of investors and crypto analysts alike. Well-known analyst Onat Tütüncüler of CryptoQuant points out an interesting phenomenon: bitcoin "whales", i.e. large bitcoin holders, seem to be in a "wait and see" mode, which may have far-reaching consequences for the market.

Tütüncüler, in his November 2 analysis, points to the significant increase in bitcoins hitting the crypto exchanges since Donald Trump's victory in the US presidential election. This movement usually signals an impending sell-off, but in the current case, the whales seem to prefer caution. "Although there is no immediate selling pressure at the moment, the surge in bitcoin exchanges suggests a potential risk of future sell-offs," says Tütüncüler.

In addition, the Adjusted Spent Output Profit Ratio (aSOPR) metric does not yet indicate that traders have started to take profits, supporting the idea that whales want to hold their positions and wait for further developments.

Bitcoin Dominance and Merchant Expectations

By the time Bitcoin reached $96,924, its market dominance had declined slightly. It has fallen 5.54% since November 28, according to TradingView data. Long-term investors who bought Bitcoin at an average price of $24,994 still believe in its potential, but most traders remain skeptical about reaching $100,000 by the end of 2024.

Rekt Capital, a pseudonymous trader, said in one of its posts on the X platform that Bitcoin is retesting a series of lower highs as support. "As long as this continues, BTC should be able to regain support around USD 96,400," he added.

Even though bitcoin came within just $200 of the all-time high of $100,000 on November 22, experts like Szymon Sypniewicz, CEO of Ramp Network, warn of uncertainty about whether the milestone will be surpassed by the end of 2024. "Reaching $110,000 for bitcoin seems inevitable, but the market is likely to experience a few fluctuations," Sypniewicz warns.

While bitcoin continues to tantalize investors and analysts, its future remains uncertain. Whales, which have now taken a position on the sidelines, could be key players in the coming months. Thus, all eyes are on what direction Bitcoin will take and whether it will be able to surpass the magical $100,000 mark.

*This is not investment advice.

Coingarage team