Bitcoin Price Forecast: $100K Rally in Sight as Whales Load Up, Trump Touts DOGE
- Barbara StreisandOriginal
- 2024-11-15 00:16:11785browse
As seen above, Bitcoin recorded 5,095 whale transactions worth at least $1 million each on November 12. This represents a 396% increase from the
Bitcoin price surged by 400% in response to Donald Trump’s latest statements on cryptocurrencies, sparking a buying frenzy among whales.
On Friday, November 12, Bitcoin price recorded a 400% surge in large cryptocurrency transactions, valued at $1 million or more, coinciding with a statement by former U.S. President Donald Trump regarding his proposal to include D.O.G.E in 401(k) plans.
According to data from the crypto analytics firm IntoTheBlock, there were 5,095 whale transactions on November 12, each involving at least $1 million in Bitcoin. This marks a significant increase from the monthly low of 1,026 whale transactions recorded on November 2.
Typically, when a spike in whale transactions coincides with a price uptick, as observed in the Bitcoin markets this week, strategic investors often interpret this as a bullish signal for two main reasons.
Firstly, large investors tend to be more sophisticated and have access to a wider range of information, including macroeconomic data, institutional trends, and upcoming regulations. Their collective buying behavior can signal optimism toward a particular asset class.
Secondly, the size of these transactions indicates a substantial amount of capital entering the Bitcoin market. This buying pressure can drive up prices, especially if it outpaces selling activity.
In this case, Trump's statement may have sparked interest in Bitcoin among corporate investors, who are now seeking exposure through 401(k) plans.
If whale activity remains elevated, and BTC price closes above the Volume Weighted Average Price (VWAP) at $90,743, the buying pressure could propel Bitcoin price further toward the $100,000 level in the days ahead.
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