Bitcoin’s price has been a rollercoaster lately. After spending weeks above $100,000, it dipped below that mark, reflecting the overall bearish crypto market sentiment. It’s since recovered slightly, trading just above $102,000. But what are the big players doing?
Whale Watching: A Neutral Outlook
Interestingly, despite the price swings, major Bitcoin investors (whales) are staying surprisingly calm. Data from Alphractal, a crypto analytics firm, shows that these whales aren’t making any big bullish or bearish moves.
Their analysis of large Bitcoin transactions reveals a consistently low to neutral volume of trades over $100,000. This is similar to what happened in 2020, suggesting a possible repeat of the market reaction seen during that bull cycle.
This “wait-and-see” approach suggests neither panic nor extreme optimism. It could indicate either caution about the market’s short-term direction or strong belief in Bitcoin’s long-term potential. Typically, these whales move massive amounts of Bitcoin during bull runs, but that hasn’t been the case since 2022.
Short-Term Concerns and Long-Term Potential
Bitcoin’s recent drop below $99,000 brought it down to the Short-Term Holders Realized Price (STH RP). This is the average price paid for all Bitcoin bought in the last 155 days. Alphractal points to this as a key short-term support level, urging investors to proceed with caution.
A Positive Outlook?
Despite the recent volatility, crypto expert Batman sees a positive outlook. He highlights Bitcoin’s resilience, holding above $100,000 for over 44 days. He believes that if this support level holds, Bitcoin could surge towards $120,000 in the near future, potentially aligning with the final phase of the Wyckoff accumulation theory.
