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Bitcoin Price To $40,000? Here’s What Needs To Happen

Press Releases Crypto News Bitcoinist Bitcoin Price To $40,000? Here’s What Needs To Happen

The Bitcoin price recently showed some good strength and momentum to cross above the $38,300 level for the first time in over a year. This positive move came on Friday, 25th of November, ending a week marked by the departure of Changpeng “CZ” Zhao from Binance, the world’s largest cryptocurrency exchange.

According to the latest on-chain revelation, the rally above $38,000 might just be an indicator of what is to come, should the Bitcoin price maintain its current momentum.

Santiment Predicts Push To $40,000, But Here’s What Needs To Happen

Blockchain analytics platform Santiment, in a post on X, provided insight on Bitcoin’s latest push above the $38,000 price. Although the premier cryptocurrency has since experienced a price correction, this latest surge helped the Bitcoin price to its highest point since May 5, 2022.

While the Bitcoin price spurt can be tied to numerous factors, Santiment has pointed to the largest Tether (USDT) addresses as one of the major contributors. According to on-chain data provided by the analytics platform, the top 100 largest Tether addresses have invested $1.67 billion into the market over the past six months, reflecting a 9.7% in buying power.

Tether's large addresses add $1.67 billion in six month | Source: Santiment/X

Tether, the largest US dollar stablecoin in the market, often provides stability for traders and investors in the naturally volatile cryptocurrency market. Going by Santiment’s revelation, the recent infusion of funds by USDT whale addresses suggests a growing confidence amongst the significant class of investors.

Whales or large crypto holders are deemed important in the cryptocurrency landscape, as their collective actions can dictate market sentiment and influence the

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Author: Opeyemi Sule

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