{"id":514269,"date":"2022-12-30T12:00:47","date_gmt":"2022-12-30T17:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=514269"},"modified":"2024-06-11T07:17:36","modified_gmt":"2024-06-11T07:17:36","slug":"santiment-bitcoin-will-trend-lower","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/santiment-bitcoin-will-trend-lower\/","title":{"rendered":"Santiment: Bitcoin Will Trend Lower Because Whales Are Still Selling"},"content":{"rendered":"<p class=\"p2\">The impact of bitcoin whales and their activities has always been felt in the general market. This goes from buying to selling, and just the way they move their coins. Once again, these whales still hold sway in the market and their activity could spell a bottom signal.<\/p>\n<h2 class=\"p2\">Santiment Says Bitcoin Whales Are Selling<\/h2>\n<p class=\"p2\">In a <a href=\"https:\/\/insights.santiment.net\/read\/examining-the-impact-of-btc-whale-behavior-on-price-trends-7156?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_examining_btc_whale_behavior_impact_insight_sanrking_122922\/&amp;fpr=twitter\" rel=\"nofollow\">recent community post on the Santiment website<\/a>, the activity of whales is analyzed in depth. This time around, a look at the balances of large holders shows that they are still selling. These whales who hold between 1,000 and 10,000 BTC have reduced their holdings from almost 8 million BTC back in December 2021 to less than 7 million BTC in December 2022.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-beats-bitcoin-ethereum\/\">Dogecoin Beats Bitcoin, Ethereum For Best Performance In Crypto Top 10<\/a><\/div>\n<p class=\"p2\">Even in the last couple of months, they have reduced their balances by more than 200,000 BTC, showing that they are still selling. Given this sell trend among these large holders, the report predicts that the market will see \u201csideways or even lower prices for BTC in the next 6-12 months.\u201d<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-514271 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-30-at-15.08.13.png?resize=460%2C191\" alt=\"Bitcoin whales \" width=\"460\" height=\"191\"><\/p>\n<pre style=\"text-align: center\">BTC whales are still selling | Source: <a href=\"https:\/\/insights.santiment.net\/read\/examining-the-impact-of-btc-whale-behavior-on-price-trends-7156?utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_examining_btc_whale_behavior_impact_insight_sanrking_122922\/&amp;fpr=twitter\" rel=\"nofollow\">Santiment<\/a><\/pre>\n<p class=\"p2\">If this selling from large investors flows into 2023, then it is likely that the digital asset would start out the year seeing prices below $16,000. It is also important to note that the analysis in the report of whale addresses shows that the bottom of the market may not be reached yet.<\/p>\n<h2 class=\"p2\">BTC Bottom Is Still Not In<\/h2>\n<p class=\"p2\">Now, the activity of whales is important to watch as accumulation by them could lead to a rally, and vice versa. One of the ways to try to pinpoint the bitcoin bottoms is with whale activity. At the very bottom of a bear market or at least close to it, whale address activities have historically declined.<\/p>\n<p class=\"p2\">However, the Santiment report notes that the average 7-day transaction count was still hovering around 10,000 presently. Compared to the previous bear markets when the market had marked its bottom, whale transaction counts had declined to 1,200 and 2,500.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">\u201cThis may mean that we need to wait for the average to drop further before we can conclude that even the big players are giving up,\u201d the report reads.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Zwz3MvAI\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC price succumbs to selling pressure | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Another metric that the report points to is volume gaps. These usually show where the whales are accumulating and unfortunately, both volume gaps identified in the report lie well below the current trading price of bitcoin. The two key gaps identified were the $14,600 and $12,200 price levels, which could be a possible accumulation level for whales.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-suffers-double-digit-losses\/\">Solana Suffers Double-Digit Losses, Is There An End In Sight?<\/a><\/div>\n<p class=\"p2\">Essentially, the advice was to put off buying until whale transactions fall lower, as well as wait for the current selling pressure to subside. \u201cTo sum up, the activity of BTC whales and the presence of volume gaps at 14,600 USD and 12,200 USD may be worth watching,\u201d Santiment said.<\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Crypto Insiders, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The impact of bitcoin whales and their activities has always been felt in the general market. This goes from buying to selling, and just the way they move their coins. Once again, these whales still hold sway in the market and their activity could spell a bottom signal. Santiment Says Bitcoin Whales Are Selling In a recent community post on the Santiment website, the activity of whales is analyzed in depth. This time around, a look at the balances of large holders shows that they are still selling. These whales who hold between 1,000 and 10,000 BTC have reduced their holdings from almost 8 million BTC back in December 2021 to less than 7 million BTC in December 2022. Related Reading: Dogecoin Beats Bitcoin, Ethereum For Best Performance In Crypto Top 10 Even in the last couple of months, they have reduced their balances by more than 200,000 BTC, showing that they are still selling. Given this sell trend among these large holders, the report predicts that the market will see \u201csideways or even lower prices for BTC in the next 6-12 months.\u201d BTC whales are still selling | Source: Santiment If this selling from large investors flows into 2023, then it is likely that the digital asset would start out the year seeing prices below $16,000. It is also important to note that the analysis in the report of whale addresses shows that the bottom of the market may not be reached yet. BTC Bottom Is Still Not In Now, the activity of whales is important to watch as accumulation by them could lead to a rally, and vice versa. One of the ways to try to pinpoint the bitcoin bottoms is with whale activity. At the very bottom of a bear market or at least close to it, whale address activities have historically declined. However, the Santiment report notes that the average 7-day transaction count was still hovering around 10,000 presently. Compared to the previous bear markets when the market had marked its bottom, whale transaction counts had declined to 1,200 and 2,500.\u00a0 \u201cThis may mean that we need to wait for the average to drop further before we can conclude that even the big players are giving up,\u201d the report reads. BTC price succumbs to selling pressure | Source: BTCUSD on TradingView.com Another metric that the report points to is volume gaps. These usually show where the whales are accumulating and unfortunately, both volume gaps identified in the report lie well below the current trading price of bitcoin. The two key gaps identified were the $14,600 and $12,200 price levels, which could be a possible accumulation level for whales. Related Reading: Solana Suffers Double-Digit Losses, Is There An End In Sight? Essentially, the advice was to put off buying until whale transactions fall lower, as well as wait for the current selling pressure to subside. \u201cTo sum up, the activity of BTC whales and the presence of volume gaps at 14,600 USD and 12,200 USD may be worth watching,\u201d Santiment said. Featured image from Crypto Insiders, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":514275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84627,679,19064,1119,1144,78790],"class_list":["post-514269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-performance","tag-bitcoin-price","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Santiment: Bitcoin Will Trend Lower Because Whales Are Still Selling<\/title>\n<meta name=\"description\" content=\"The impact of bitcoin whales and their activities has always been felt in the general market. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Santiment: Bitcoin Will Trend Lower Because Whales Are Still Selling","url":"http:\/\/wncen.com\/news\/santiment-bitcoin-will-trend-lower\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/santiment-bitcoin-will-trend-lower\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-whales.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-whales.png?fit=700%2C400"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin performance","bitcoin price","bitcoin whales","btc","btcusd","btcusdt"],"dateCreated":"2022-12-30T17:00:47Z","datePublished":"2022-12-30T17:00:47Z","dateModified":"2024-06-11T07:17:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Santiment: Bitcoin Will Trend Lower Because Whales Are Still Selling\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/santiment-bitcoin-will-trend-lower\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/santiment-bitcoin-will-trend-lower\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-whales.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin-whales.png?fit=700%2C400\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin performance\",\"bitcoin price\",\"bitcoin whales\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-12-30T17:00:47Z\",\"datePublished\":\"2022-12-30T17:00:47Z\",\"dateModified\":\"2024-06-11T07:17:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Bitcoin-whales.png?fit=700%2C400","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514269"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=514269"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514275"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=514269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=514269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=514269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}