On Tuesday evening, December 5, Bitcoin registered an additional 5% rally with the BTC price shooting past $44,300. As of press time, BTC is trading at $43,744 with a market cap of $855 billion.
Bitcoin Whales Return to Buying
In recent updates from on-chain data provider Santiment, Bitcoin’s surge aligns closely with the activity of existing wallets holding 100 or more Bitcoins, showcasing a tight correlation with the price movement.
Following a significant drop-off observed on November 9th, the past four weeks have witnessed the return of 48 of these substantial whale wallets. The resurgence of these large wallets suggests renewed interest and activity among major players in the Bitcoin market, adding an additional layer of insight into the ongoing dynamics influencing the BTC price.
In the current bullish market, the spotlight is on spot-driven dynamics, as major derivatives data remains relatively stable. Futures premiums are holding at approximately 10%, while options implied volatilities (IVs) show modest gains, reports Greeks.Live.
The ongoing rally, coupled with news of an imminent ETF passage, underscores the health of this spot-driven bull market. With limited downside risks, it solidifies the notion that the bull market is not merely a transient phase but a sustained trend with enduring strength.
What Shall BTC Investors Expect Ahead?
Bitcoin maxis are already going gaga over this week’s BTC price move with veterans like Max Keiser expecting a ‘God candle‘ to $100K. However, technical charts show that investors should wait before making any fresh entry at this point.
Renowned crypto analyst Ali Martinez issues a cautionary note, predicting a potential correction in Bitcoin’s price. Martinez points to the TD Sequential indicator, indicating that the correction might commence within the next 7 to 48 hours. This assessment is based on analyses of both daily and three-day charts.
A #Bitcoin price correction is coming… The question is when?
Well, the TD Sequential indicator suggests that a potential $BTC price pullback could begin within the next 7 to 48 hours, based on the daily and three-day charts.
pic.twitter.com/UwI1IMq4jo
— Ali (@ali_charts) December 5, 2023
According to crypto analyst Michael van de Poppe, a new price range has solidified. Anticipating the current movement to conclude shortly, he foresees a consolidation phase before a potential final push towards the $48,000 to $50,000 range, particularly in the pre-ETF period. Following this, van de Poppe envisions a period of sideways action with a support level between $36,000 and $38,000. Investors are advised to monitor these potential market movements closely.
Our new range has established. Probably this move is going to finish soon, consolidate for a little and have a final push towards $48-50K pre-ETF.
After that period of sideways action with $36-38K as a bottom. #Altcoins to go ballistic. pic.twitter.com/6kJOoe0v6D
— Michaël van de Poppe (@CryptoMichNL) December 5, 2023
The post Bitcoin Whale Wallets Returning Back to Buying, Bull Market Here to Stay appeared first on CoinGape.
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