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Home»Bitcoin»Bitcoin: Whales count is against the norm, but what does BTC get in return?
Bitcoin

Bitcoin: Whales count is against the norm, but what does BTC get in return?

2023-05-16No Comments3 Mins Read
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  • Whale numbers have increased since the last half cycle.
  • The value of BTC could quickly drift out of the red.

According to Glassnode, there is a big change in that From Bitcoin [BTC] whale trend during each cycle. On May 15, the on-chain analytics platform reported that whale numbers had increased in this cycle, rather than decreased, as it has been over the course of each cycle. Era.

The growth in the number of whales on the #Bitcoin network has decreased cycle after cycle.

However, when reviewing our current cycle, we notice a slight deviation from the trend, with our current era recording a 7% greater whale growth rate than the previous one.

🟡 Era… pic.twitter.com/dHGll8Wj9U

— glassnode (@glassnode) May 15, 2023


Read From Bitcoin [BTC] Price prediction 2023-2024


The Era in the Bitcoin context is used to describe the difference between one halving and another. For context, the halving is a four-year event where Bitcoin miners get rewards for supporting block creation on the network.

Bitcoin: away from the usual

Based on the tweet above, the first cycle and the second ended in a decline in whale growth. This was the same case as the second and third cycles, and the season when Bitcoin came to light and the first halving.

However, a 7% growth in less than 400 days until the next halving means many big pockets would view the ATH’s price drop as a better option to date. possibility than the previous one.

Yet there was still a chance that the trend could change. However, Santiments data showed that whales, which have been a major driver of BTC price, have taken a backseat.

See also  Bitcoin's $60,000 Breach Causes $48 Million in Short Liquidations - Is More to Come?

At the time of going to press, the balance of addresses containing 10,000 to 1 billion coins has decreased significantly. This implied that there has been quite a bit of profit taking, especially as the coin price surged in the first quarter.

Bitcoin whale balance by addresses

Source: Sentiment

Thereafter, whale transactions in the $100,000 and $1 million range raised the past few days. At 275 and 81 respectively, the increase in large transactions could serve as a parity to indicate whale interest in Bitcoin trading.

Bitcoin whale transactions

Source: Sentiment

Light at the end of the tunnel?

Meanwhile, Bitcoin is constantly hovering around the $27,000 region. But will the change in cycle trend affect BTC price?

According to the daily chart, the Moving Average Convergence Divergence (MACD) has been showing signs that BTC could remain bearish. This was because the orange and blue dynamic lines had fallen below the zero histogram line.


How many Worth 1,10,100 BTCs today?


So this shows that sellers were in control. In addition, the Exponential Moving Average (EMA) showed that BTC’s long-term potential could end up in the green. This was due to an upward crossover from the 50-day EMA (yellow) against the 200-day EMA (cyan).

Therefore, a situation like this could be the start of a new upward trend. For the short term, the 20 EMA (blue) is positioned above the 50 EMA. In a situation where this trend continues, BTC could recover from the downtrend.

Bitcoin [BTC] price action

Source: TradingView



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Bitcoin BTC count norm Return Whales
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