Bitcoin whales are rising – will the price recover?
Whale indicator from the on-chain analysis platform Santiment shows Bitcoin, like the rally, could rebound from late September to early November.
“The number of whale addresses holding between 100 and 1,000 BTC has risen by 193 addresses in just 10 weeks. Historically, the number of whales in this group shares some striking similarities with the BTC price. ”
Distribution of whale supplies | Source: Santiment
This is a good sign for the market as these addresses tend to increase with the price of Bitcoin. This is reminiscent of the strong bull run from late September, from lows near $ 40,800 to the all-time high of $ 69,000 on Nov.
Although Bitcoin is currently trading at $ 48,523, it has had a strong year so far, up 153.9% year over year.
Bitcoin made a monumental comeback in late September after falling from highs near $ 67,000 in May, but the leading cryptocurrency then rebounded to an all-time high of $ 69,000 in November, causing market sentiment to turn largely bearish.
According to the fear and greed index, market sentiment remains in a state of “fear” compared to the previous month of “greedy”.
Analyst PlanB Continue is optimistic about the Bitcoin price and says “Bitcoin 50,000-60,000 from March, patience is key”.
The creator of the Bitcoin Stock-to-Flow (S2F) model once predicted that Bitcoin price could reach $ 100,000 by the end of 2021.
Bitcoin is the gold of the young generation
Ray Dalio, one of the most successful managers of all time, considers Bitcoin to be the gold of the younger generation interview his most recent at MarketWatch.
The former crypto skeptic reiterates that the largest cryptocurrency has an assigned value:
“It’s pretty much the younger generation’s gold alternative and has no intrinsic value, but it has an assigned value and therefore has some value.”
The owner of the world’s largest hedge fund, Bridgewater Associates, believes that Bitcoin is not hackable and, as a great achievement, has achieved a high level of adoption.
At the same time, Dalio stuck to his prediction that Bitcoin would be banned by the government if it were a serious alternative to fiat money, but in his opinion it would not be banned globally.
The famous American investor still prefers gold over Bitcoin as gold has existed as a store of value for millennia.
Dalio says money printing could lead to more inflation even though the Federal Reserve is phasing out its bond-buying program.
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