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This Whale Indicator Suggests Bitcoin Price Might Rally Just as in September

Opinions
Thu, 12/16/2021 - 11:04
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Tomiwabold Olajide
1.4% Bitcoin whales added despite market volatility compared to September
This Whale Indicator Suggests Bitcoin Price Might Rally Just as in September
Cover image via stock.adobe.com

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Whale indicator from on-chain analytics firm Santiment suggests that Bitcoin might pull off a copy of its late September to early November rally.

According to Santiment, "Bitcoin's number of whale addresses holding 100 to 1,000 $BTC has 193 more addresses in this prestigious club, compared to just 10 weeks ago. The number of whales in this tier has shown some strikingly impressive parallels to $BTC price, historically."

This is a good sign for the market, as these addresses tend to go up alongside Bitcoin's price. It should be recalled that Bitcoin started an upward rise from near $40,800 lows in late September to reach all-time highs of $69,000 on Nov. 10.

Though presently trading at $49,122, Bitcoin has had a strong year so far, up 153.9% in 2021 according to CoinGecko data.

Bitcoin price performance

Bitcoin was able to stage a comeback in late September after it declined on reaching highs near $67,000 in May. The lead crypto subsequently rose to all-time highs of $69,000 in November; however, since reaching this milestone, the price has slipped lower, defying all the bullish predictions and causing market sentiments to largely turn bearish.

The market sentiment remains in ''fear'' according to the Crypto Fear and Greed index, compared to last month when it was in "greed."

Pseudonymous analyst PlanB continues to hold his optimistic stance on the Bitcoin price saying ''$50K-60K #bitcoin since March, patience is key."

The creator of the Bitcoin stock-to-flow (S2F) model predicted that the price of Bitcoin might clinch $100,000 by the end of 2021.

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About the author

Tomiwabold is a cryptocurrency analyst, technical analyst and experienced fund manager. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.