Bitcoin Whales Offload 36,500 BTC, Analyst Forecasts Recovery As Chainlink  Reserves Hit 1.13M

According to Glassnode data, the top Bitcoin addresses that have 10K to 100K BTC have reallocated more than 36,500 BTC since December 1st. This redistribution came as Bitcoin failed to soar past the $94K level. 

However, Bitcoin has started a potential rebound, crossing the $90K level. Also, Chainlink is eyeing a potential rebound as a buying spree pushes its reserve holdings to 1.13 million LINK tokens. Lucky predicts that the Chainlink price could skyrocket up to $32.

Bitcoin Whales Unloading 36,500 BTC 

The flagship cryptocurrency, Bitcoin, has been volatile over the last month due to the selling pressure and other macroeconomic forces. Recent data from Glassnode shared by Ali_Charts has shed more light on whale activity since the beginning of December.

As of December 1st, whales holding between 10K and 100K BTC held 2.26M BTC. However, this number dropped over the subsequent days, fueled by Bitcoin’s failure to cross the $94K resistance.

As of December 10th, the balance dropped to 2.22M BTC, which could be due to a selloff or simply whales rebalancing their portfolios. In the meantime, the latest Fed rate, which is the third this year, has sparked an uptrend in the market.

According to TradingView data, the Bitcoin price has reclaimed the $92K level following a decline of 90K. In case of further uptrend, the flagship cryptocurrency may revisit $94K within the next few days.

KNIGHT estimates that the price of Bitcoin could rise to $107,500 if current resistance levels are broken. Another analyst, Lofty, forecasts that the BTC price could soar to $135,000 and then to $240,000 in the next three months.

Chainlink Eyes Rebound As Reserve Grows to 1.13M LINK

The Chainlink price has been trading sideways in the past week. Its value has consolidated between $13.30 and $14.85 during this period. 

However, investors’ sentiment could change in the coming weeks following the Fed’s latest rate cut. Also, Chainlink’s LINK Reserve, which is geared at sustaining the long-term growth of the Chainlink network, has risen to 1.13 million LINK tokens. 

This buying spree could spark a price reversal in the coming days. In the meantime, technical analysis shows that bulls are gaining momentum. The RSI indicator reading of 50.94 signals an increase in buying pressure and supports a rebound. 

Also, the VWMA (10) and Hull Moving Average (9) flash buy signals indicate an uptrend. Lucky, a top analyst, notes that Chainlink is trading inside a falling channel. Upon breakout, he expects the LINK price to soar to $32. 

According to another crypto enthusiast, FLASH Trading, the Chainlink coin may soar to $17.31 and $21.93. Conversely, the bullish forecast may be annulled by a rising selling pressure. In the event that this occurs, the Chainlink coin price may drop to $13.80 or lower.

In summary 

Positive sentiment has returned to the crypto market. Most coins are now trading in the green region. Bitcoin and Chainlink prices might continue to increase to greater heights should bulls continue the uptrend. Nevertheless, a rise in profit-taking may lead to a pullback.