Whale buying spree pushed Bitcoin to $92k; can it reach $100k before December?

The latest wave of whale accumulation helped Bitcoin surpass $92,000, approaching its all-time high.

According to data from IntoTheBlock, major Bitcoin (BTC) addresses recorded net inflows of 21,470 BTC on Monday, November 18.

According to ITB data, the amount of whale transactions worth at least $100,000 in BTC also doubled to $78.37 billion, with almost 23,000 unique transactions on the same day. Bitcoin recorded a total of over $228 billion in whale transactions in the last seven days.

According to Arkham Intelligence data, one of the largest Bitcoin holders purchased the asset from Binance and transferred it to a custodial wallet containing $2.2 billion of BTC.

Increased whale activity often fosters fear of missing out among market participants and brings high volatility to the cryptocurrency sector. This could send mixed signals to the market as investors look towards the $100,000 target.

Bernstein Research increased its expectation of a rise in Bitcoin price from $150,000 to $200,000 by 2025. The investment research firm said the main factors behind the asset’s price rise were regulatory changes and increased institutional demand.

Bitcoin is trading at $91,800 at the time of writing. Its market value stands at $1.82 trillion.

BTC price | Source: crypto.news

Additionally, the number of Bitcoin daily active addresses increased by 13%, reaching 818,910 wallets, according to ITB.

This momentum shows that retail investors are starting to make moves on the blockchain as daily trading volume increased by 63% to $75.2 billion.

MicroStrategy, one of the leading business intelligence companies in the USA, added 51,780 BTC worth $4.6 billion to its reserves yesterday. The company currently holds over 331,200 BTC.

On the heels of the massive buildup, MicroStrategy announced plans to raise $1.75 billion through a private offering of convertible senior notes to purchase more Bitcoin.

Another wave of institutional adoption could help Bitcoin surpass the $100,000 mark by triggering FOMO among retail investors.

However, it is important to remember that the Federal Reserve’s hawkish stance, potentially raising interest rates, could change the direction of the market and affect the price of Bitcoin.