CandleFocus Why is the Bitcoin Price Continuously Going Up? Will the Rise Continue? Analysis Company Shares the Real Reason Behind the Rally
2024-11-11
Author: Content Editor
Bitcoin reached a new all-time high of $85,000, and cryptocurrency firm Santiment suggests that the buying activity of large investors, known as "whales," has been driving the price increase. Santiment's analysis shows that wallets with at least 10 BTC, typically associated with influential investors, have accumulated over 234,150 BTC worth $19.76 billion since last year. The report highlights that both whales and smaller-scale investors (sharks) accumulating Bitcoin, along with the cautious sentiment of retail investors, have created a favorable environment for price increases. Santiment believes that Bitcoin prices could continue to rise as long as whales remain active and retail investors sell during minor dips.
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