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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Could See Another Bull Rally If This Happens

Best Owie
Best Owie
2 years ago
3 mins read
Bitcoin

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Bitcoin is still strangling at the $16,000 price level with no significant movement up or down. This is normal given the historically low rates of volatility that are being recorded in the market. However, there may be some good rallies in the near future for the digital asset, but it depends on what BTC whales do.

Bitcoin Whales Not Interested

A look at bitcoin whale transactions over the month of December shows that whale interest in the digital asset has been on the decline. This coincides with the low price ranges of BTC during this time, and with such little movement, it becomes harder to flip a profit.

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These whale transactions carrying $1 million and above have seen a decline in recent times. This shows a lack of interest in both buying and selling from these large investors. As a result, the price of bitcoin has continued to stagnate between $16,600 and $16,800. In essence, this lack of activity from the large BTC whales is neither bullish nor bearish. The next trend, however, will be decided from what these large holders decide to do from here.

Santiment bitcoin whales

BTC whale interest declines in crypto winter | Source: Santiment

As this Santiment chart shows, a decline in whale interest has usually coincided with periods of low prices. However, if there were to be some significant accumulation from these large holders, then the price of bitcoin will begin another bull rally.

Since whale transactions carrying at least $1 million are sitting at a 2-year low, it makes for a prime setup for at least a short-term rally. If the whales increase their BTC holdings during this time, the impact on the price of BTC will become apparent right away.

How High Can BTC Go?

Santiment notes that an accumulation trend from these large whales would trigger a historically bullish signal for the digital asset. This means that such events have always led to an upward rally in the past. When this happened in August 2021, it triggered the rally that saw bitcoin hit its all-time high price of $69,000.

Bitcoin price chart from TradingView.com

BTC price falls below $16,700 | Source: BTCUSD on TradingView.com

This time around, with the BTC price sitting so low, such a trend would lead to at least a 10% increase in the price of the digital asset. From here, a 10% increase would mean that bitcoin would surpass the $20,000 level once more, although a lot of resistance from the bears would be expected at such levels.

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However, on the flip side, a continued decline will increase selling pressure on BTC from here. That would mean a reversal toward the $15,000 level once more. Now, it becomes a waiting game to see what happens first.

BTC’s price was sitting at $16,684 at the time of this writing.

Featured image from GoBankingRates, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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