Hashoni cautioned that the high buying activity from large wallets could potentially lead to a pullback, as whales require sell pressure to accumulate more Bitcoin.
In a video interview on the Santiment YouTube channel, Hashoni, a crypto analyst, provided insightful perspectives on Bitcoin’s recent price rally, whale accumulation patterns, and the potential impact of the upcoming halving event.
According to Hashoni, Bitcoin’s recent surge to an all-time high of $73,000, followed by a pullback to $60,000, has sparked major interest among stakeholders, particularly large wallet holders known as “sharks” and “whales.” In the past few days, the crypto market witnessed the largest accumulation period for these large wallets in a long time, with wallets holding between 10 and 10,000 BTC collectively amassing a substantial amount of the cryptocurrency. He revealed that their overall holdings have reached 13.9 million BTC, the highest since July 2022, and their share of the total Bitcoin supply has been at its peak since July 6, 2023.
Bitcoin Could Dip Once More before BTC Halving 2024
When questioned about the future prospects for Bitcoin holders, Hashoni expressed his belief that in the coming weeks, there will be more opportunities for accumulation, as stakeholders anticipate at least one small dip leading up to the halving period. Most stakeholders anticipate a bullish trend during the halving period, drawing parallels to the Ethereum merge that occurred over a year ago.
He cited the surge in Ethereum’s price ahead of its Merge upgrade, followed by a temporary dip after the announcement and a subsequent rally post-the merge. He speculated that the upcoming Bitcoin halving could follow a similar pattern.
Potential Pullback and Market Sentiment
Hashoni cautioned that the high buying activity from large wallets could potentially lead to a pullback, as whales require sell pressure to accumulate more Bitcoin. In his words, “we are going to see a little bit of polarization.”
To address the impact of social trends and market sentiment on the crypto market, the analyst mentioned that the hype and buzz surrounding BTC have calmed down, which has helped the whales maintain an optimistic outlook. As a result, Bitcoin has experienced a resurgence and reached a value of $70,000.
Furthermore, the analyst emphasized how market sentiment has affected the recent positive performance of alternative cryptocurrencies. Many altcoins have enjoyed weeks-long rallies this year until mid-March. For example, Ethereum (ETH) saw more than 80% increase from the end of January until two weeks ago. Solana, Fantom, and FLOKI, within this time period, also had more than 160%, 300%, and 1000% increases, respectively.
Now that the social trend and market sentiment surrounding Bitcoin are also getting positive again, we should expect to see the altcoins also recover from their 2-week dip. However, he emphasized the importance of objective decision-making in crypto trading rather than blindly following social media noise and buzz, while also acknowledging that social media sentiment can influence the price of a coin.
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