Bitcoin and its whales: market expectations in an uncertain environment

Large bitcoin holders, also known as «whales», continue to hold their positions amid fluctuations in the exchange rate, which remains below the $100,000 mark.

Analysts emphasize that a significant influx of bitcoins to exchanges has increased since the election of Donald Trump in the United States on November 5. Traditionally, such large transfers portend a sale, but at the moment this does not lead to immediate sales, which indicates the wait-and-see position of the whales.

In bull markets, traders usually hold their assets until they see correction signals, after which they can switch to other cryptocurrencies. Now bitcoin's dominance in the market has decreased by 5.54% since November 28, which may indicate the process of asset rotation.

At the moment, bitcoin is trading at $96,351, and traders are generally skeptical about the possibility of reaching a price of $100,000 before the end of 2024. Analysts note that bitcoin continues to test support levels and forms long downward wicks on the candlestick chart, which can also serve as a signal of instability.