Bitcoin’s price has been in an upward trend for most of the past two months, maintaining strong support levels amid market volatility. 

As the United States elections approach, many analysts believe the results could significantly affect Bitcoin’s price, particularly as it may prompt large holders, or “whales,” to react based on investor sentiment.

Bitcoin Whales Hold the Key

The actions of Bitcoin whales are expected to be a key factor in determining the asset’s price trajectory in the coming weeks. According to data from Santiment, major Bitcoin holders are showing signs of waiting to see how the market reacts to the US election results.

“…crypto traders are ‘expecting the unexpected’. This is particularly true with Bitcoin’s whales, which have been showing declining amounts of transfers since last week’s sudden spike near the top. Look for these spikes in whale BTC transactions as generally reliable signs of potential price reversals for all of cryptocurrency,” Santiment stated.

The US election outcome may either reinforce Bitcoin’s current uptrend or trigger a temporary pullback if whales sense hesitation or panic among smaller holders. These large holders could thus set the tone for Bitcoin’s price action in the short term.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s macro momentum remains promising, as the total supply of BTC in profit is below the critical 95% threshold that often signals a market top. When this level is reached, it typically marks a peak in prices and may indicate a

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Author: Aaryamann Shrivastava