Whale Behavior Holds Key to Predicting Bitcoin Price: Santiment Analysis
• Santiment, a blockchain analytics platform, has released an analysis on Bitcoin (BTC) that looks into how whale behavior will affect the price of the king cryptocurrency.
• Recent data indicates that whales have been operating as a net seller, and the price has been moving in tandem with this trend.
• Santiment predicts that prices for BTC in the next 6-12 months will remain sideways or even lower due to the lower levels of whale activity.
Bitcoin (BTC) has been in the spotlight of the financial world for many years now, and its price has seen many ups and downs over the years. Recently, blockchain analytics platform Santiment has released an analysis on Bitcoin that looks into how whale behavior will affect the price of the king cryptocurrency.
Santiment’s research suggests that whales, or owners of large amounts of Bitcoin, are key indicators when it comes to predicting the future price of the cryptocurrency. In particular, the group of Bitcoin owners who hold between 1,000 and 100,000 BTC is known to be a reliable indicator of the direction that the price will go in the long run.
By studying whale behavior, Santiment is able to gain a better understanding of what could be in store for the price of Bitcoin. Recent data shows that whales have been operating as a net seller, and the price has been moving in tandem with this trend. As a result, Santiment is confident in predicting that prices for BTC in the next 6-12 months will remain sideways or even lower due to the lower levels of whale activity.
Furthermore, Santiment also suggests that bottoms are often connected with lower levels of whale activity. In prior cases, whales have been seen accumulating large amounts of Bitcoin before prices started to rise again. Therefore, it is likely that if whales start to accumulate in large amounts again, the price of Bitcoin could see an increase.
It is clear that the behavior of whales is a crucial factor in the direction of the price of Bitcoin. Therefore, those who are looking to make investments in Bitcoin should keep a close eye on the behavior of whales, as their activity could be used as an indication of the direction of the price of the cryptocurrency.