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Santiment, an on-chain analytics firm, revealed a whale indicator suggesting that Bitcoin may rally just like it did late September to early November.

Santiment stated that:

“Bitcoin’s number of whale addresses holding 100 to 1,000 $BTC has 193 more addresses in this prestigious club, compared to just 10 weeks ago. The number of whales in this tier has shown some strikingly impressive parallels to $BTC price, historically.”

This sign is good for the market because these addresses seem to rise alongside the price of Bitcoin. Recall that Bitcoin began an upward rise from near $40,800 lows in late September to reach all-time highs of $69,000 on Nov. 10.

Although currently trading at $49,122, the number one cryptocurrency has had a strong year so far, rising by 153.9% in 2021, according to data from CoinGecko.

BTC Price Performance

Bitcoin managed to stage a comeback late in September after it declined on reaching highs near $67,000 in May. In November, Bitcoin subsequently rose to $69,000, which has become its all-time highs. However, since achieving this feat, the price has dropped, defying bullish predictions and causing market sentiments to turn bearish.

According to the Crypto Fear and Greed index, the market sentiment remains in ”fear”, in contrast to last month when it was in “greed.”

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