Bitcoin whales remain out of the public eye
With Bitcoin still trading just below $100,000, Bitcoin whales are steadily holding on to their Bitcoin holdings. One cryptocurrency analyst said this cautious approach shows uncertainty among major holders. The lack of immediate selling pressure does not eliminate the risk of future selling. An increase in Bitcoin inflows into exchanges could signal potential market changes to watch.
CryptoQuant contributor Onat Tütüncüler highlighted this trend in a Nov. 2 analysis, noting that monitoring these movements is key to understanding their market impact.
Since Donald Trump won the US presidential election on November 5, huge amounts of Bitcoin have flowed into cryptocurrency exchanges. While such inflows typically signal a sell-off is coming, that’s not been the case recently. Large holders or whales appear to be adopting a cautious strategy.
Adjusted Spending Output Profit Margin (aSOPR), a measure of profit-taking behavior, showed no major signs of profit-taking by market participants. This indicator supports the idea that whales are in holding mode, waiting for clearer market signals.
Traders typically hold onto Bitcoin during long periods in the hope of short-term growth before moving on to other crypto assets. However, TradingView reports that Bitcoin’s dominance has declined by 5.54% since November 28. This decline signals a change in market behavior and increases the likelihood of a shift to other crypto assets.
CoinMarketCap shows that at the time of writing, the price of Bitcoin is $95,809. The fact that long-term investors are holding on to Bitcoin shows their confidence in the asset’s expected value, especially since they purchased Bitcoin at an average price of $24,994.
Source: CoinMarketCap
Bitcoin’s current performance does not lead traders to believe that it will reach $100,000 before the end of 2024. A longer downward wick is a sign of continued market pressure.
If current trends continue, Rekt Capital believes Bitcoin will regain support at $96,400. On November 22, the price of Bitcoin was $99,800, very close to $100,000, but has since fallen back.
Market experts have different opinions on whether Bitcoin will be over for the remainder of 2024. Ramp Network CEO and co-founder Szymon Sypniewicz believes that Bitcoin could reach $110,000 in the next few years. However, he is unsure whether this will happen before the end of the year.
Sypniewicz noted that it’s difficult to pinpoint an exact date for Bitcoin’s next big innovation because market volatility is to be expected. With the market constantly changing, traders and long-term holders are keeping a close eye on any new events.
