Bitcoin (BTC) Whales Touch Two-Year High by Holding More Than 10 BTC, Will BTC Price Continue to Rise? – Btc News

[Andrea]

Bitcoin (BTC) Whales Touch Two-Year High by Holding More Than 10 BTC, Will BTC Price Continue to Rise?



As Bitcoin (BTC) price continues to flirt around $66,000, whale activity is increasing on the backend. As of the moment the article was published, BTC is trading at $66,184 with a market value of $1.304 trillion.

Bitcoin Whale Holdings Reach Two-Year High


Bitcoin whale wallets holding 10 or more Bitcoins led asset levels in 2021, two years ago, as reported by on-chain data provider Santiment. During this period, Bitcoin market value increased by 226%.

Many in the crypto community suspect that the bankrupt exchange FTX has effectively suppressed crypto prices in the second half of 2022. Since the collapse of crypto exchange FTX in November 2022, there has been a notable correlation between the holdings of these larger Bitcoins. wallets and BTC price action.

Courtesy: Santiment

But despite all this whale activity, Bitcoin price remained under pressure and lacked enough incentive to push it above $70,000.

BTC Price Will Not Rise Until Fed Rate Cut


Although the Bitcoin price is approaching all-time highs, most altcoins are trading below their highs, causing market participants to remain cautious. According to famous crypto analyst Benjamin Cowen, excitement about the upcoming altcoin bull run is still early.

He also believes that a significant rise in crypto is unlikely until the Federal Reserve lowers interest rates again. Historically, the altcoin market has performed better following these rate cuts. Cowen said:

“The decline in the majority of altcoins is reflected in the decline advance/decline index, which is reminiscent of the period leading up to the Fed’s 2019 interest rate cut. This index saw a sharp decline before the Fed initiated interest rate cuts in July of that year. “It is very important to follow these movements because if the Fed does not reduce interest rates, the expectation of an altcoin season dominated by Bitcoin may be premature.”

He also added that investors should be careful when buying altcoins during a period when Bitcoin dominance is high.



✓ Share:








Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.





The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.

#Bitcoin #BTC #Whales #Touch #TwoYear #High #Holding #BTC #BTC #Price #Continue #Rise