Bitcoin’s recent rally has pushed its market value past $66,000, igniting excitement among traders. However, while Bitcoin is grabbing headlines, it’s actually the altcoins that are seeing the biggest gains this week.

A major factor behind this is the redistribution of profits from Bitcoin’s steady rise over the past three weeks.

As the market sentiment shifts into a high FOMO (fear of missing out) zone, traders should brace themselves for potential turbulence. These levels

often signal the approach of local tops, which could materialize within days, over the weekend, or in the coming weeks—largely depending on how whale investors react at these key price points.

One thing is clear: a drop back to $50K or $60K seems unlikely without significant economic downturns across global markets.

September 2024 Bitcoin Analysis: Whale Activity and Market Impact

1. BTC Price Movements: Starting at $56,360 on September 2, 2024, Bitcoin’s price surged steadily, reaching $63,770 by September 23, 2024.

2. Whale Netflow Ratio: Between September 9 and September 23, the netflow ratio jumped from 0.01% to 0.69%, indicating an influx of Bitcoin from whales into exchanges. Typically, this is a bearish signal, as large holders may be gearing up to sell, which could put downward pressure on the market.
Implications for the Market

This rise in whale activity suggests a potential price correction as these large holders seem poised to cash in after Bitcoin’s recent highs. While Bitcoin’s price has been climbing, this increasing whale netflow should serve as a cautionary signal for possible sell-offs ahead.

Notably, BlackRock has added 1,434 BTC ($94.3 million), boosting its total holdings to 363,626 BTC ($23.68 billion), while Bitcoin spot ETFs saw significant inflows, continuing their positive streak.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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