Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down.
It would seem whales have been making moves to push BTC up, as indicated by the increasing number of whale wallets. New Bitcoin mid-whale addresses, meaning addresses holding between 100-1,000 BTC, saw a huge single-day increase recently, according to data from analytics firm Santiment.
Unprecedented Growth in New Bitcoin Whale Addresses
On-chain data have shown, as was previously reported, that Bitcoin whales are increasing their holdings, with long-term holders adding more than 50,000 BTC to their wallets each month. A similar occurrence took place over the weekend when the number of Bitcoin wallets holding between 100 and 1,000 BTC experienced its largest jump this year.
An X post by crypto on-chain analytic platform Santiment revealed that this metric grew by 16 more wallets, its largest since February 2022. During the same period, wallets between 10-100 BTC fell, indicating smaller wallets adding to their holdings to proceed to the next tier.
Source: Santiment on X
Will We See BTX Reach $30,000 Again Soon?
Whale addresses have increased by 117 BTC in the past 48 hours, worth roughly $3.2 million, as whales look to push price gains. Although on-chain signals currently point to bearish, the continued influx of investors accumulating Bitcoin could signal higher demand and price appreciation for the leading cryptocurrency.
— Ali (@ali_charts) October 15, 2023
With whales stocking up their wallets, the 24-hour trading volume for Bitcoin climbed by 180.15%, and the price of Bitcoin increased by 3.26%. If the current pace is maintained, there is a significant likelihood that it will reach $30,000 by the end of this week.
This push was likely aided by large amounts of older, stagnant coins that were finally moved. According to Santiment’s “Age Consumed” measure, which tracks the average age of cryptocurrencies that are traded, the most dormant BTX has changed wallets since July.
Source: Santiment on X
Bitcoin has a history of being used as a hedge against inflation, but its short-term price trajectory is currently hard to predict. There are many market factors that can either send the cryptocurrency up or spiraling downwards.
One example is the SEC’s approval of spot Bitcoin applications, which many have hinted could signal the start of a new bull run to new highs. At the time of writing, BTC is trading at $27,740 and is looking to cross over $28,000.
BTC price marks support above $27,700 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com