Bitcoin made good gains this week and reached over $27,000. BTC's rise comes at a time when decisions on spot Bitcoin ETF applications from companies such as Blackrock, Bitwise and ARK Invest have been delayed by the SEC.
While investors were wondering whether BTC's rise would continue at this point, a Bitcoin evaluation came from the popular data provider Santiment.
First of all, Santiment stated that shark and whale addresses, known as wallets holding between 10 and 10,000 BTC, currently have the highest amount held in 2023, and also pointed out that whales and sharks accumulate USDT.
Santiment added that this situation is often interpreted as bullish.
“Bitcoin's sharks and whales, which we define as 10 to 10 thousand BTC wallets, have now reached the highest amount held in 2023 (13.03 million BTC).
Additionally, sharks and whales are accumulating Tether, indicating accumulating Bitcoin purchasing power in the future. This condition is usually a bullish combination. “
🐳 #Bitcoin's sharks & whales, which we define as 10 to 10K $BTC wallets, have now accumulated to their highest amount held in 2023 (13.03M $BTC). Additionally #Tether sharks & whales are accumulating buying power. This is generally a #bullish combination. https://t.co/Lic2QBXSUw pic.twitter.com/dIcq1sUNJY
— Santiment (@santimentfeed) September 28, 2023
In his next post, Santiment stated that the long-term outlook for Bitcoin is good due to whales accumulating BTC and USDT, but there may be a short-term correction.
According to Santiment, after Bitcoin reached $ 27,000, traders' profits increased intensively at this level, indicating that there may be a short-term correction.
“The long-term outlook for Bitcoin is bright as whales accumulate BTC and USDT.
However, as Bitcoin reached $27,000 on Thursday, traders' profits increased heavily. Expect a short-term correction at this point, once 7D MVRV falls below 0 this could be ideal for another rally. “
Bitcoin, which rose to $27,300 with the rise it experienced yesterday, is traded at $27,150 at the time of writing.
📊 The long-term outlook is bright for #Bitcoin with whales accumulating $BTC & $USDT. However, watch for a short-term correction with traders profit taking heavily as $27K hit Thursday. When the 7D MVRV gets below 0, that may be ideal for another leg up. https://t.co/oBSTRGumui pic.twitter.com/sO0S9SX7aS
— Santiment (@santimentfeed) September 29, 2023
*This is not investment advice.
