The price of Bitcoin was torn until October and used the optimistic history of the month. Likewise, the best cryptocurrency seems to be slowing on the weekend, but optimism is much more optimistic that the price of coins will reach a new high this month on weekends. According to the latest on -chain data, relevant market participants known as whales appear to change their strategy, which can benefit more at the price of BTC in the next few weeks.
Are BTC whales behind ‘October’ behind?
Burak Kesmeci, a whole chain analyst, has visited Social Media Platform X to reveal the change of Bitcoin whale behavior since early October. According to Crypto Pundit, large holders who are partially in charge of weak achievements in September are now relocating in the largest Cryptocurrency market.
The relevant indicators here trace the total number of coins held by BTC whales and how much it changes for 30 days. This metrics often provide insight into the feelings of whales, which are considered the most influential participants in the market.
Source: @burak_kesmeci on X
As observed in the chart above, the total whale Holdings witnessed a notable decline in September, and witnessed that the 30 -day % change was spent on most of the moon in negative territory. Kesmeci pointed out that this trend announced last month that large -scale investors have increased sales activities.
The warm -chain analyst said that the seller struggled to install a significant rally in September, reducing pressure on the price of Bitcoin. However, KESMECI seems to have a BTC whale to take a step out of the gas and reduce sales activities recently.
As you can see at the price of Bitcoin in early October, the downward pressure generated by whales seems to be significantly reduced. Kesmeci concluded that this could mean the return to the accumulation of market participants. This can mean the rise in bitcoin prices in the short term.
Bitcoin price at a glance
At the time of this article, BTC is about $ 122,345, which does not reflect significant price movement over the last 24 hours. Flagship Cryptocurrency seems to be slowing last day, but it still has an impressive record in daytime. According to Coingecko’s data, the price of Bitcoin has increased almost 12% over the last seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Chart of TradingView, the main image of Unsplash
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