While Profitability Increases at $27,000 in Bitcoin, Santiment Shares Its Short-Term Expectation!

Bitcoin It made good gains this week and reached over $27,000. This rise of BTC is due to decisions regarding spot Bitcoin ETF applications by companies such as Blackrock, Bitwise and ARK Invest. SEC It came at a time when it was postponed by.

While investors are wondering whether BTC’s rise will continue at this point, the popular data provider centimeterBitcoin evaluation came from.

First between 10 and 10,000 BTC Stating that shark and whale addresses, known as wallets holding wallets, currently have the highest amount of money held in 2023, Santiment said that whales and sharks USDT He also drew attention to his savings.

Santiment added that this situation is often interpreted as bullish.

“Bitcoin’s sharks and whales, which we define as 10 to 10 thousand BTC wallets, have now reached the highest amount held in 2023 (13.03 million BTC).

Additionally, sharks and whales are accumulating Tether, indicating accumulating Bitcoin purchasing power in the future. This condition is usually a bullish combination. “

🐳 #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

centimeter In his next post, he wrote that whales BTC and USDT He stated that the long-term outlook for Bitcoin is good due to its accumulation, but there may be a short-term correction.

According to Santiment, after Bitcoin reached $ 27,000, traders’ profits increased intensively at this level, indicating that there may be a short-term correction.

“The long-term outlook for Bitcoin is bright as whales accumulate BTC and USDT.

However, as Bitcoin reached $27,000 on Thursday, traders’ profits increased heavily. Expect a short-term correction at this point, once 7D MVRV falls below 0 this could be ideal for another rally. “

Bitcoin, which rose to $27,300 with the rise it experienced yesterday, is traded at $27,150 at the time of writing.

📊 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

*This is not investment advice.