The giant whale is ’emerging again’ as bitcoin price will soon run out of time to save the bull market

As bitcoin price continues to move sideways into early 2022, “big whales” appear to be buying again.

According to cryptanalysis company mood, 10 new bitcoin whale addresses with 10,000 BTC or more have “reemerged” in the last 3 months, bringing the total number of “giant whales” to 89.

This is a 12.7% increase from the 79 great whales recorded at the end of October – the lowest level in nine years.

The source: mood

Bitcoin is running out of time

According to veteran trader Tone Vays, BTC needs to end the week strong. Otherwise, there is a risk of witnessing another liquidation candle.

In a new strategy session, veteran analyst to speak that he remains bullish on Bitcoin’s chances of reclaiming $49,000, but time is running out for the crypto king to make a bullish move.

“I remain optimistic for the month to date that we will rally back to the triangle and possibly break above the short-term moving averages. That means the price needs to end the month above or very close to $49,000.

I think it’s possible, but there’s only 10 days left until the end of the month. So, it is better for bitcoin to move in the next 48 hours. If not, it probably won’t happen.”

Source: Ton Vays

Vays commented on the weekly chart and provided the number of coins in the miner’s rotating inventory (MRI). This indicator measures Bitcoin miner sentiment, with a percentage above 100 meaning they are net selling their newly mined BTC, while a number below 100% means they are hoarding new BTC.

“Technically the weekly chart is still pointing up versus the MRT and only the MRT is showing that. By any standards, it’s actually quite bearish. We need to be positive this week or bitcoin will be in trouble.”

The analyst concludes by looking at Bitcoin’s previous two major sell-offs, which began on December 27 and January 5. He is concerned that even if Bitcoin bounces back to $44,000, it could soon capitulate below the $40,000 support.

“Bitcoin is struggling and if it stays here for a few more days (around $41,722) I think a repeat of what happened last month and earlier this month is very likely. The price should reach $44,000 over the next week and then drop to around $38,000 or less.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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