• March has seen a surge in the number of large transactions by BTC whales, which could make it challenging for Bitcoin to reach $30,000.
• The five largest Bitcoin transactions of 2023 thus far have all happened in March.
• While the number of whale addresses has been increasing, the percentage of whale holdings has been on a downtrend.
Whale Activity Could Affect Bitcoin Price
March has witnessed the highest number of large transactions in 2023. This could make it challenging for Bitcoin [BTC] to reach its desired $30,000 milestone as BTC whales‘ activity may be impacting its price. Santiment’s data revealed that a substantial transaction of 20,000 BTCs was executed on 31 March and is one of the top five largest transactions made during the month.
Rise in Whale Addresses
The number of active sharks and whales and more dormant whales/exchange addresses has been slowly but steadily increasing throughout March. However, while this increase suggests an accumulation trend, the percentage of BTC supply held by whales has decreased since January when BTC’s price started shooting up from $18,000 to $20,000 range. This indicates profit-taking among whales after their prices surged past certain levels.
Price Prediction for 2023-24
It remains to be seen how much influence whale activity will have on Bitcoin’s price prediction for 2023-24. With other factors like increased institutional interest and mainstream adoption coming into play too, it is difficult to gauge whether or not Bitcoin will be able to hit its goal before 2021 ends or not.
In any case, these recent developments show that when it comes to cryptocurrency trading at least, bigger investors are playing an increasingly important role in setting prices and liquidity levels within digital asset markets. It will be interesting to see how long this trend continues and what kind of impact it will have on future market performance going forward into 2024 and beyond.
In conclusion, with whale activity having a potential influence over Bitcoin’s price trajectory as well as other factors such as institutional investment being taken into account too; predicting where exactly where BTC might be headed next can prove difficult at times. Nonetheless – understanding how influential investors operate within crypto markets can help traders better anticipate future movements and make more informed trading decisions overall