As a seasoned crypto investor with battle scars from countless market corrections and bull runs, I find myself watching Bitcoin’s latest dip with a mix of intrigue and calm detachment. This isn’t my first rodeo, and I’ve learned that volatility is part and parcel of this wild ride.
As a researcher studying cryptocurrencies, I’ve observed a significant dip in Bitcoin prices over the past few days. Following a steady rise since the Trump-inspired rally commenced three weeks ago, Bitcoin dropped from nearly $100,000 on Friday to around $92,000 earlier today.
Although this dip might unsettle novice investors unaccustomed to Bitcoin’s fluctuation, seasoned players like whales and sharks remain active in their ongoing buying spree.
Since November 6, when it was announced that Donald Trump would be the next U.S. president, CryptoPotato has reported on all Bitcoin’s price fluctuations. Initially, Bitcoin was trading below $70,000, but in a remarkable surge, its value increased by more than $30,000 within weeks, reaching nearly $100,000 on Friday.
In expectation of a small boost potentially propelling Bitcoin into six-digits, the asset instead shifted direction and began to slow down.
Over the weekend, Bitcoin dropped to around $96,000 and then further down to $98,000. However, the biggest adjustment occurred at the beginning of the new trading week. Earlier today, BTC dipped as low as $91,500 (on Bitstamp), which represents a loss of approximately $8,000 compared to its rejection on Friday.
As an analyst, I’m pondering the possibility that we might have weathered the toughest storm yet, given certain on-chain indicators hint at a possible temporary dip ahead. However, these same signs also suggest a continued upward trend in the long term, which could be interpreted as a continuation of the bull market.
Despite evidence from Santiment indicating that large investors, known as ‘whales’ and ‘sharks’, have been significantly increasing their Bitcoin holdings in November, amounting to approximately $6 billion, it seems there’s no immediate cause for alarm, according to the analytics platform’s assessment.
Has the dip in Bitcoin’s price below $95K at the start of the week caused concern? Not for the whales and sharks, it seems. In fact, wallets holding at least 10 BTC have amassed an additional 63,922 coins (valued at approximately $6.06 billion) in November alone. As these large investors continue to move their Bitcoin…
— Santiment (@santimentfeed) November 25, 2024
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2024-11-26 19:06