Bitcoin whales are rising – will the price recover?
Whale indicator from Santiment online analysis platform shows Bitcoin, like the rally, could recover from late September to early November.
“The number of whale addresses containing 100 to 1000 BTC has grown by 193 addresses in just 10 weeks. Historically, the number of whales in this group bears striking similarities to the price of BTC. ”
Whale Supplies Distribution | Source: Santiment
This is a good sign for the market as these addresses tend to rise with the price of bitcoin. This is reminiscent of a strong bull run since late September, from lows around $ 40,800 to a record high of $ 69,000 in November.
Although Bitcoin is currently trading at $ 48,523, it’s a good year so far, up 153.9% over the year.
Source: TradingView
Bitcoin made a grand comeback in late September after falling from highs of around $ 67,000 in May, but then the leading cryptocurrency rebounded to an all-time high of $ 69,000 in November, causing market sentiment to be largely bearish.
According to the Fear and Greed Index, the sentiment of market participants remains in a state of “fear” compared to the previous month of “greed”.
PlanB Analyst Continue is optimistic about the bitcoin price and says: “Bitcoin 50,000-60,000 since March, patience is the key to success.”
The creator of the Bitcoin Stock-to-Flow (S2F) model once predicted that Bitcoin’s price could reach $ 100,000 by the end of 2021.
Bitcoin is the gold of the younger generation
Ray Dalio, one of the most successful managers of all time, considers Bitcoin to be gold for the younger generation, in his last interview on MarketWatch.
The former crypto skeptic reiterates that the largest cryptocurrency has a certain value:
“It is pretty much a younger generation alternative to gold, and it has no intrinsic value, but it has a certain value and therefore has some value.”
The owner of the world’s largest hedge fund, Bridgewater Associates, believes that Bitcoin cannot be hacked and, as a great achievement, has achieved a high level of adoption.
At the same time, Dalio stuck to his prediction that bitcoin would be banned by the government if it were a serious alternative to paper money, but in his opinion, it would not be banned globally.
A well-known American investor still prefers gold over bitcoin, as gold has been around as a store of value for millennia.
Dalio says printing money could lead to more inflation, even as the Federal Reserve is scrapping its bond buying program.
