Cryptoquant: Here’s Who Now Determines Bitcoin’s Fate
Bitcoin’s ability to break through the psychologically important $100,000 mark is possible only if large holders with 1,000–10,000 BTC resume active buying, analysts at Cryptoquant stated.
Currently, Bitcoin whales continue selling the leading cryptocurrency and locking in profits, the experts noted. Retail investors holding between 1 and 10 BTC are also reducing their trading positions. This indicates capitulation — a hallmark of the late phase of a downward trend, Cryptoquant explained.
Addresses holding 100–1,000 BTC continue to accumulate the cryptocurrency, and holders of 10–100 BTC show stable growth in their balances. However, these amounts are not enough to offset the selling pressure from major players, analysts emphasized.
In recent days, Bitcoin has been forming a local bottom. According to Cryptoquant specialists, the recovery to $88,000 suggests a potential trend reversal, although a full recovery before the end of the year is unlikely.
The higher Bitcoin climbs in the next two weeks, the lower the probability of retesting the recent lows, analysts predicted. Despite the pressure from large holders, the gradual accumulation by smaller investors shows that interest in Bitcoin remains strong — which may allow it to form a sustainable rally next year, the Cryptoquant experts concluded.
Earlier, on-chain analysts at Santiment reported that despite the price decline, the activity of large Bitcoin investors — so-called whales — has noticeably increased in recent weeks.
See also: "Huge XRP Price Surge of $1.48 Billion Brought the Market $8 Million in Profit"
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