Bitcoin whales holding up to 100,000 BTC hunt cycle bottom, here’s what to expect


  • Bitcoin whales are groups of investors holding between 1,000 and 100,000 BTC that influence the asset’s price through large volume transactions. 
  • Recent Bitcoin whale activity has been characterized by net selling, implying that a potential cycle bottom is close. 
  • Bitcoin price uptrend is capped at $17,259, more than 1.37 million BTC tokens were acquired below this price level, profit-taking could kick in. 

Bitcoin network’s large wallet investors influence the asset’s price through their transaction activity. Analysts at Santiment found evidence of whale activity influencing the asset’s price. Bitcoin price uptrend is capped at $17,259.

Also read: Bitcoin whale activity signals possibility of a historic bull run in BTC if this occurs

Bitcoin whales hunt BTC price bottom in bear market

Bitcoin whales, large wallet investors holding 1,000 and 100,000 BTC influence the asset’s price through their transaction activity. Analysts at crypto intelligence tracker evaluated whale transactions and identified a correlation between the two. 

Groups of investors who hold significant amounts of Bitcoin can have a major impact on price and transactions influence the asset’s price trends. A group of BTC holders who own between 1,000 and 100,000 BTC tokens have been net sellers and the asset’s price has followed suit. Analysts predict with confidence that Bitcoin could trade sideways or touch lower prices within the next six to twelve months. 

Bitcoin whale activity of investors

Bitcoin whale activity of investors holding between 1,000 and 100,000 tokens 

Monitoring the number of transactions made by BTC whales is a useful way to gauge the level of activity in the market. Bitcoin bottoms are associated with low levels of whale activity. During previous bottoms, the 7-day average transaction count was between 1,200 and 2,500 transactions. 

Currently, there are still 10,000 transactions a day and experts believe the average needs to drop lower to spot a Bitcoin price bottom in the ongoing cycle. 

Bitcoin whale transactions

Bitcoin whale transactions

Large wallet investors are interested in two volume gaps at the $14,600 and $12,200 area. It is key to note whether whales are accumulating the asset in these areas. Large transactions in these price ranges could influence BTC price. 

Bitcoin price uptrend is capped at $17,259

At least 2.44 million wallet addresses scooped up 1.37 million BTC while the asset exchanged hands between $16,651 and $17,123. Once Bitcoin price crosses this range, experts believe mass profit-taking will begin. The largest asset by market capitalization’s gains, therefore, may be capped at $17,259. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP