Cryptanalytic Santiment company reports that major Bitcoin kits are buying coins, while leading kriptoaktiv consolidating below $ 60 000.
The new tweet Santiment reported that the whale accounts with 100 to 1,000 Bitcoins, from 1 February to 21 March permanently the flagship cryptocurrency was accumulating.
The company added that the ultra-large whale accounts, which hold between 10,000 and 100,000 bitcoins, have increased their BTC balances during the last drop.
In February, cryptokits holding from 100,000 to 1,000,000 BTC bought a huge amount of coins; in the first half of March, the state of their wallets remained practically unchanged.
For whales with stocks ranging from 1,000 to 10,000 BTC, this group lost as much bitcoin as smaller whales accumulated over the same time period.
“As you might expect, not all Bitcoin whales behave the same. However, over the past couple of months we have seen interesting trends, for example, 100-1000 BTC addresses added 353,000 BTC since February 1, while 1,000-10,000 addresses have lost 300,000 BTC. «
Bitcoin hit a record high of $ 61,711.87 on March 13, but lost almost 11% of its value a week later, according to CoinGecko. At the time of writing, it is trading at $ 55,200.
The growth of the bitcoin rate will last for at least another 6-12 months, experts say
Jiang Zhuer, CEO of one of the largest mining pools in China, BTC.TOP, believes that the bear market for Bitcoin will begin between September 2021 and June 2022. His opinion is based on «the latest findings from several studies .»
According to the head of BTC.TOP :
- The bear market will not begin until fall 2021 at the earliest.
- The beginning of the bear market will be facilitated by a change in US monetary policy.
- The bull market could last until 2024.
“Representatives of large companies operating in the cryptocurrency industry believe that the trend will change in the fall of 2021. In their opinion, this will happen due to the economic recovery due to mass vaccinations. The strong growth of the economy will provoke the US authorities to change their monetary policy, which will be the reason for the start of the bear cycle, « – writes journalist Colin Wu.
Wu also noted that some in the crypto industry are confident in the ability of institutional investors to maintain a bull market for a longer time. We can even talk about the next halving, which will take place in 2024. To do this, they systematically need to buy BTC.
“It’s worth noting, however, that there are no publicly traded companies yet to follow the lead of Tesla and Meitu,” the journalist writes.
Recall that Tesla bought bitcoin for $ 1.5 billion. A similar decision was made by the Chinese company Meitu, but it invested a more modest amount in the cryptocurrency – $ 90 million.
BTC.TOP CEO believes that the bull market is far from over. As one of the reasons, he notes the lack of chips for Bitcoin mining. Because of this, the computing power of the Bitcoin network is not growing as rapidly as the price. Over the year, it has risen by 1,139%, and computing power – by only 30%.
“In the past two weeks, we have seen a correction in the bitcoin market, as well as the closure of mining farms in Inner Mongolia. As a result, an additional offer of mining equipment appeared on the secondary market. It was worth using this opportunity to increase its own computing power, because Bitcoin will continue to grow next week , «he wrote on March 13 on Weibo.
Note that after his message, the BTC price, on the contrary, went into correction, reaching $ 53,000. Now bitcoin is trading $ 4,000 above the local minimum.
