The price of bitcoin took a massive hit in 2022, dropping by more than 50% in 12 months. However, the crypto analytics platform Santiment believes there’s more bad news incoming in the new year.BTC Whales Are Net Sellersby highlighting the significance of BTC whales’ behavior for the asset’s price movements. This is somewhat expected since these types of investors – who own between 1,000 and 100,000 BTC in a single wallet – could have a bigger impact if they decide to sell or buy in bulk.
“It is with confidence that we can predict sideways or even lower prices for BTC in the next 6-12 months.” – Santiment said.The analysis added that BTC bottoms are typically found once the whales’ activity has declined substantially. However, this is not the case now as there’re over 10,000 transactions from such investors daily at the moment, while the count was down to 1,200-2,500 during previous bottoms.