Following Bitcoin's recent dip to $93,000, cryptocurrency analysis firm Santiment has shared an optimistic outlook, suggesting that both large-scale "whale" investors and smaller "shark" traders are not overly concerned.
Despite the decline, these key market players appear confident in the continued potential of Bitcoin.
Santiment reported that in November alone, investors holding at least 10 BTC have collectively acquired 63,922 BTC, totaling around $6.06 billion in value.
This significant accumulation indicates that major investors remain bullish on Bitcoin, which could point to a strong market sentiment, even if the short-term price dips continue.
The report also highlighted MicroStrategy’s recent purchase of Bitcoin, which some analysts initially found surprising given the price drop afterward.
However, the overall sentiment remains positive, with many in the industry speculating that Bitcoin could still hit $100,000 by the end of 2024.
Polymarket’s odds currently reflect a close call, with a 48% chance that Bitcoin will first hit $90,000, and a slightly higher 52% chance it will reach $100,000.
Bitcoin is once again mirroring global liquidity trends—and that could have major implications in the days ahead.
The crypto market is showing signs of cautious optimism. While prices remain elevated, sentiment indicators and trading activity suggest investors are stepping back to reassess risks rather than diving in further.
Citigroup analysts say the key to Bitcoin’s future isn’t mining cycles or halving math—it’s ETF inflows.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.