Krutika Adani
Whale transactions have dropped significantly from 88.1k weekly transactions in March to 58.5 weekly transactions in August. However, occasionally, ancient whales have turned active.
Whales are likely waiting for a post-halving rally, which is expected to happen around the end of 2024.
The current whale activity signals that whales might have been waiting for better prices in the future, hopefully above $100k.
Currently, it seems that all the factors, like interest rates, ETF flows, retail demand, etc., that have been pushing Bitcoin down are vanishing one after the other.
Bitcoin needs to decisively cross $60k and then $70k to reach the ultimate goal of $100k. On the downside, $55k remains a major support.