Whales and Sharks Return to Bitcoin
Global economic problems have negatively affected crypto markets as well as all money markets. Since November 2021, Bitcoin has been in a bearish trend and is currently trading around $17,000. And Bitcoin is almost 376% away from its all-time record. While some expect the price of Bitcoin to drop even more, some think that the current prices are quite affordable. Those who think that the prices are quite affordable continue to fill their wallets.
According to data from crypto market intelligence platform Santiment, the number of addresses hold 10 to 1,000 BTC has reached record levels since 2020. According to these data, the number of addresses hold 10 to 1,000 BTC has reached 151,080.
In October 2020, Bitcoin price was trading around $10,000 to $11,000. According to the chart, the number of addresses holding 10 to 1,000 BTC in October 2020 was approximately 151,000. Frankly, the growth in addresses of Whales and Sharks is not surprising, according to the Bitcoin price chart. But the most remarkable thing is that the price of Bitcoin reached over $ 63,000 after about 6 months after October 2020. Bitcoin broke the all-time record with $63,523 on April 14, 2021.
It is very difficult to predict whether there will be a similar rise again, frankly, it is not possible for anyone to know. There are so many factors that keep the bear market alive right now, so it is necessary to do good research before investing. But I believe the bull market is not far away.
I'm curious about the giant companies behind whale addresses, which have increased significantly these days. In the first quarter of 2023, some giant companies may make statements about their investments, and if these statements are made, what do you think will happen next?
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I hope Bitcoin hold onto the 17k region while it makes it way up, for those accumulating I just think 17k is a good entry point since we don't know which direction BTC is heading next.
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I totally agree with you, it's impossible to know which direction to go. But I don't think there will be any more drops, I wish I could enter more at these prices.
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