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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Poised To Continue Its Rally As Whales Turn Bullish After 14 Months

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Bitcoin whales

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The bitcoin price has seen a minor rally ahead of yesterday’s FOMC meeting and has held relatively strong despite the hawkish outlook from the US central bank.  A look at the daily chart of BTC shows that the price managed to hold above $18,600. After an exuberant euphoria following the release of CPI data, bitcoin seems ready for a consolidation phase for now.

In the daily chart, the bitcoin price was rejected at $18,220. Therefore, it seems likely that bitcoin will go through consolidation for now and look for a higher low. The support area to hold is currently at $17,200 to $17,400.

Bitcoin BTC USD_2022-12-15
Bitcoin price, 1-day chart. Source: TradingView

Are Bitcoin Whales Signaling A Trend Reversal?

As on-chain data provider Santiment writes in an analysis, bitcoin’s fundamentals are looking extremely strong. Santiment pays particular attention to the shark and whale addresses, which hold between 100 and 10,000 BTC and are a notoriously important indicator of future price trends.

Santiment reports that shark and whale addresses have spent $726 million buying BTC in the last 9 days. In addition, 159 new addresses with a value between 100 and 10,000 BTC have been added in the last three weeks.

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In total, there are currently 15,848 addresses holding between 100 and 10,000 BTC. In comparison, there are currently 43.46 million smaller bitcoin addresses, which means that sharks and whales account for 0.0364% of the total BTC addresses.

The increase in shark and whale addresses is the fastest growth in 10 months, according to Santiment. Remarkably, this comes at a time when market sentiment is at its lowest in a long time following the FTX bankruptcy and Binance FUD.

In the chart below, Santiment shows the behavior of the largest bag holders of BTC, USDT, USDC, BUSD and DAI. And as can be seen, all lines have been rising massively recently, while the BTC price has continued to fall.

Bitcoin data by Santiment
Whale and shark addresses are accumulating. Source: Santiment

As Santiment elicits, the big players have been slashing and dumping their bitcoin holdings for the past 14 months. Prices have fallen in lockstep with these dump-offs. Now, however, there are signs of a reversal in the trend:

However, we may be seeing a turnaround now. Not necessarily with prices just yet… but at least with whales finally accumulating rather than dumping.

Whales Stock Up Their Dry Powder

The bitcoin metrics are not the only things pointing to a turnaround, but also the stablecoin movements. “[W]e have just seen massive sudden jumps in the key $100k to $10m USDT and BUSD wallets worth $100k to $10m,” Santiment said.

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Key Tether addresses have accumulated $817.5 million (+7%) more purchasing power in the last 3 days, and BUSD key addresses have accumulated $104.9 million (+9%).

Thus, according to Santiment, there are good reasons to expect the final weeks of 2022 to be bullish, though further crypto-intrinsic issues and macroeconomic headwinds could dampen the joy.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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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