Bitrabo Editorial
Bitcoin is experiencing increased activity on its network, driven by a significant rise in trades by large investors, often referred to as whales, amidst growing market confidence. This notable uptick comes as Bitcoin’s price begins to stabilize following recent lows.
Record High Transactions by Bitcoin Whales
According to information from Santiment, a platform specializing in market intelligence and on-chain data, whale transactions for Bitcoin have surged dramatically recently, reaching levels not seen in over ten weeks. Specifically, there were nearly 11,700 whale transactions worth over $100,000, an occurrence reminiscent of the Japanese stock market crash on August 4 that triggered a widespread downturn.
This surge in substantial transactions indicates that major investors are either strategically moving or acquiring large quantities of Bitcoin in anticipation of a significant price increase in the coming months. As Bitcoin prices continue their upward trend, market participants are monitoring these large transactions closely, as they may signify critical developments in the BTC market’s near-term trajectory.
Moreover, there is a marked increase in discussions about Bitcoin on social media, paralleling the rise in whale transactions. Santiment reported that Bitcoin now represents about 25.5% of all social media conversations related to cryptocurrencies, outpacing discussions about altcoins. This shift is largely due to Bitcoin breaking above the $68,000 mark, fueling investor enthusiasm.
While these trends appear to be indicators of growth, Santiment also cautioned that this heightened interest could lead to fear of missing out (FOMO) and profit-taking by key investors, potentially delaying the next price rally. Nonetheless, any forthcoming price drops may be short-lived, provided that the mid-term and long-term indicators remain favorable.
Potential for a Stronger Bull Run This Cycle
Amidst expectations for an upcoming rally, crypto analyst and trader Ether Nasyonal has asserted that Bitcoin’s current bull run may surpass previous cycles. Nasyonal’s forecast stems from the observation of a significant candlestick pattern on Bitcoin’s monthly chart and an extended period of accumulation.
By comparing this accumulation phase of Bitcoin with earlier cycles from 2016 and 2020, Nasyonal pointed out that the current phase has persisted longer, which may suggest a more significant impending bullish wave for Bitcoin. As such, he believes this upcoming upward trend could be “even more epic,” indicating a potentially larger bull market for BTC.