Bitcoin Whales Change Moves Ahead Of The Halving
The Bitcoin halving is scheduled to take place in just a few days, and crypto enthusiasts are expecting to see a massive surge in price followed by a selloff.
After that point, some analysts say that Bitcoin will enter a parabolic bull run that will take the coin above $100k.
A turnaround in the number of crypto whales who are buying Bitcoin
Experts at the crypto analytics company Santiment are tracking the turnaround in the number of crypto whales who are buying BTC.
A new report revealed that hodlers with 1,000 to 10k BTC have begun accumulating this week and this could signal the fact that they aim to move the price higher in the short term in the anticipation of a selloff after the halving takes place.
The company also said that there is an important number of addresses that have been dormant but are now moving BTC – this is a sign that traders may try to sell the top before a potential fall in the price of BTC.
The online publication the Daily Hodl mentions Santiment’s head of content, Dino Ibisbegovic who believes that the overall sentiment surrounding the king coin is changing.
“Our social media data suggests an increasingly bearish outlook on the pre-halvening price action…” Ibisbegovic said as cited by the online publication mentioned above.
A bullish Bitcoin sentiment
Ibisbegovic continued and pointed out that “The Bitcoin-related sentiment was sky-high on most social media channels in last week’s run up to $9k. Since then, however, we’ve seen the mood cooling down. This is most visible on Telegram, which recorded a 3-month high in bullish BTC sentiment during last week, only to decline dramatically since the move above $9k.“
Check out more notes in the report.
At the moment of writing this article, Bitcoin is trading in the green and the king coin is priced at $9,913.04 on CoinMarketCap.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.