Kraken report is positive for mid-term Bitcoin price prediction

Bitcoin rate may go up to the new heights because whales don't sell yet

01.Nov.21 4:52 PM
By Abigail Richards
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Kraken report is positive for mid-term Bitcoin price prediction

Not long ago bitcoin (BTC) finally managed to put down a new all-time high after months. The euphoria in the market was great and it seems that big players in the crypto market were not satisfied with this yet. Profit is only taken sparingly and whales and bitcoin miners continue to expand their bitcoin positions.

This is made clear in a report by the US crypto exchange Kraken. In their 'shock October' report, they state that on-chain data shows that large investors and miners have so far sold only a few of their bitcoins, or even accumulate further.

The report also states that these developments are positive for the bitcoin rate in the coming months. The lack of a large-scale sale of these large investors and miners can cause a supply shock, according to Kraken's report.

This will happen when there are simply too few bitcoins for sale. Because demand is significantly higher than supply, this can do the price of the largest cryptocurrency quite well.

Whale behaviour predicts another rally, long-term holders hold the line

The 1-year revived supply shows the activity of bitcoins that have not been touched for a long time. This data shows that it is mainly whales and miners who still refuse to sell their bitcoins at the moment. The smaller investors have indeed taken profit during the bitcoin rally of recent times.

Because whales and big miners own the most bitcoins, they are also the ones with the most influence over the bitcoin rate. It is therefore important to note that it is mainly these big investors who hold their bitcoins.

This group seems to be collecting more and more bitcoins. This is extra special because in the past around new all-time highs of the bitcoin price the accumulation of large lots decreased somewhat.

All in all this is a very positive signal for the near future of the bitcoin rate. It is clear that whales and miners are confident that we have not yet seen the absolute peak of bitcoin in this market cycle.

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