BTC Whales Can Impact BTC’s Price, According to Santiment
BTC Whales Can Impact BTC’s Price, According to Santiment
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- Santiment insights revealed that BTC whales do impact BTC’s price.
- Whales may accumulate BTC in the $12,200 and $14,600 range.
- The crypto market leader’s price is slightly up over the last 24 hours.
The blockchain analysis firm, Santiment, shared its latest insight in a Twitter post today. The insights examine the effect that Bitcoin (BTC) whales have on the markets.
According to the insights, BTC holders who own between 1,000 and 100,000 BTC are a good indicator of long-term price direction. The report added that investors and traders can develop a good understanding of what will happen to BTC’s price by analyzing whale behavior.
Given that BTC whales have been net sellers recently, it seems that the price of BTC will continue to decline or consolidate at the very least for the next 6-12 months. In addition, it will be important to watch what whales do in the $12,200 and $14,600 price range. Whales may begin accumulating BTC at these prices, which is indicative of a cycle bottom, the report added.
BTC is current …
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