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US Elections Could Lead to Turbulence in Bitcoin and Altcoins: Analytics Firm…
US Elections Could Lead to Turbulence in Bitcoin and Altcoins: Analytics Firm Interprets Potential Price Movement by Whales
The cryptocurrency market is focusing on the US elections tomorrow. Here is the latest status of Bitcoin whales.
Author:
Mete Demiralp
04.11.2024 – 19:39
Update:
7 seconds ago
0
As the US presidential election dominates the headlines, the cryptocurrency market is bracing for potential turbulence.
Bitcoin whales, especially large holders, are showing a significant drop in trading activity, while traders are “expecting the unexpected,” according to a statement from cryptocurrency analysis firm Santiment.
Santiment’s analysis points to a decline in whale transfers following last week’s spike, which brought Bitcoin close to a recent high. This shift in behavior highlights a wait-and-see approach among large-scale investors and signals a potential turning point for the broader crypto market.
“View these increases in whale BTC transactions as generally reliable signals of potential price reversals for all cryptocurrencies,” Santiment warned. Historically, significant whale activity has been associated with shifts in market momentum, according to analysts. These large-scale transactions can often precede significant price movements, either to the upside or downside.
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Santiment’s statement also addressed a common misconception: whale passivity doesn’t mean prices will fall. Instead, low trading volume typically indicates whales are waiting to gauge how the market, especially small investors, will react to important events like elections.
“Whales’ passivity often means they are waiting for the crowd to react to an event and the volatility it will create before small investors join the party,” Santiment said.
Crypto investors should keep a close eye on whale behavior as the election results come in. Any increase in large BTC transactions could signal an impending price reversal, serving as a potential indicator for strategic positioning in the market.
*This is not investment advice.
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