Bitcoin Wallet Metrics Point to $100K Potential, Says Santiment

• BTC wallets active in the past month have secured average returns of +4.2%.
• Santiment believes that Bitcoin will continue to rise since the gains are not enough.
• Stablecoin exchange inflows also skyrocketed, suggesting increased capital flow.

Bitcoin (BTC) continues its upward trajectory, eyeing the $100,000 price level as traders maintain cautious optimism. The cryptocurrency has remained within the $95,000 to $97,000 range, reflecting a phase of consolidation.

In a post on X (formerly Twitter), Blockchain analysis platform Santiment highlighted a +4.2% average return on active Bitcoin wallets over the past 30 days. A rise above +5% could trigger a potential price correction, while a dip to -5% or lower may signal strong recovery momentum.

Santiment’s analysis noted that many traders incurred losses after buying Bitcoin at peak prices in November. As a result, the market may enter a period of healthier price fluctuations in the short term, with reduced volatility and gradual upward movement.

It is also important to note that stablecoin inflows for USDT and USDC have surged significantly in the past month. This trend is attributed to increased investor interest after pro-crypto candidate Donald Trump’s re-election as U.S. President. Analysts view this as a sign of renewed confidence in regulatory support for the crypto sector.

Read also: Long-Term Bitcoin Holders Trim Balances During Bull Run

Stablecoin exchange inflows (#USDT + #USDC) in the past month pic.twitter.com/rX0cvpdxlc

— Rafael (@n3ocortex)
December 3, 2024

Bitcoin Price Analysis

The Bitcoin Relative Strength Index (RSI) is back to bullish levels after spending a lot of time in the overbought zone. The value of the indicator stands at 63.05 which means that the bulls still control the market and the market leading digital asset is undergoing a slight sideways movement before the next surge.

The gradient of the RSI line suggests that the Bitcoin sideways movement will continue for a while as profits from the leading cryptocurrency is diverted to altcoins which have skyrocketed massively in the past few days. 

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