Cryptocurrency Bitcoin has made a significant move in recent days. Accordingly, it exceeded the level of 27 thousand dollars. At this point, important evaluations came from the analysis company Santiment. Let’s look at the details.
Cryptocurrency Bitcoin BTC’s latest momentum and Santiment’s predictions
Bitcoin has had a strong week. Accordingly, its price rose above the $ 27,000 level. This upward movement in the value of cryptocurrency BTC coincided with the Securities and Exchange Commission (SEC) postponing decisions on spot Bitcoin ETF applications, including from notable firms such as BlackRock, Bitwise and ARK Invest.
Investors are considering the potential continuation of cryptocurrency Bitcoin’s rise. On the other hand, Santiment, a leading data provider in the crypto space, shared its assessment of the current situation.
Whales Accumulate Cryptocurrency Bitcoin and USDT
Santiment looks at whale addresses that typically hold 10 to 10,000 BTC. Accordingly, he emphasizes that whale addresses will have the highest amount of Bitcoin in 2023. Additionally, these important players of the crypto world are accumulating Tether (USDT). This shows that they intend to increase their Bitcoin purchasing power in the future. In general, such behavior is seen as a bullish sign for Bitcoin.
🐳 #Bitcoin‘s sharks & whales, which we define as 10 to 10K $BTC wallets, have now accumulated to their highest amount held in 2023 (13.03M $BTC). Additionally #Tether sharks & whales are accumulating buying power. This is generally a #bullish combination https://t.co/Lic2QBXSUw pic.twitter.com/dIcq1sUNJY
— Santiment (@santimentfeed) September 28, 2023
At this point, Santiment is looking at Bitcoin whales holding 10 to 10 thousand cryptocurrencies BTC. It states that it has reached 2023 peaks with 13.03 million units. In addition, whales accumulate Tether. Santiment “shows that they are accumulating Bitcoin purchasing power going forward. “This is usually a bullish combination.” interprets it as follows.
Is there a short-term correction on the horizon?
The long-term outlook for Bitcoin looks positive. However, Santiment points out that there may be a short-term correction in the market. This assessment stems from the observation that traders’ profits increased significantly after the cryptocurrency Bitcoin crossed the $27,000 threshold. Such a scenario usually precedes a short-term market correction.
📊 The long-term outlook is bright for #Bitcoin with whales accumulating $BTC & $USDT. However, watch for a short-term correction with traders profit taking heavily as $27K hit Thursday. When the 7D MVRV gets below 0, that may be ideal for another leg up. https://t.co/oBSTRGumui pic.twitter.com/sO0S9SX7aS
— Santiment (@santimentfeed) September 29, 2023
The long-term outlook for cryptocurrency Bitcoin is bright as whales accumulate BTC and USDT, according to Santiment. But with Bitcoin reaching $27,000 on Thursday, traders’ profits increased greatly. At this point, a short-term correction should be expected. Accordingly, when 7D MVRV falls below 0, this could be ideal for another rally.
BTC price
At the time of writing, Bitcoin is trading at around $27,102 after rising to a high of $27,328. The market continues to evolve. On the other hand, Santiment’s views provide valuable perspectives for both short- and long-term cryptocurrency BTC investors. Additionally, when we look at it as cryptokoin.com, it emphasizes the importance of monitoring market indicators and whale behavior.
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