Bitcoin price to $100K? Trump’s statement sparks 400% surge in Whale demand

Bitcoin price update today 

Bitcoin price hit $93,300 on November 13, setting a new all-time high for the 8th consecutive day. Despite reaching 30% monthly timeframe gains, vital on-chain metrics suggest BTC could be on the verge of another major breakout towards $100,000 in the coming days.

BTC sets all time highs in 8 consecutive days

Since Donald Trump’s win at the November 5 polls, Bitcoin price has been on a steady rise. Multiple bullish catalyst have emerged over the past week. First, the US Fed’s 25bps rate cut on Nov 7, sparked demand for risks assets, which sent both cryptocurrency markets and the S&P 500 to all time highs.

More so, Blackrock’s IBIT led record-breaking inflows from Bitcoin ETFs, while MicroStrategy also announced a $2 billon acquisition.

By absorbing sell-side pressure from early profit takers, this increased demand from the US-based corporate investors has help BTC sustain its ongoing rally.

The TradingView chart above shows that Bitcoin price has set new all time for the 8th consecutive day, as price crossed the $93,300 mark on Wednesday November 13.

BTC is trading at $91,200 at press time on Nov 14, settling above its Volume Weighted Average Price of $90,792. This signals that despite 39% monthly timeframe gains BTC continues to find new buyers willing to pay a premium above market price to get their orders filled quicker.

Whale demand surged 400% after Trump’s latest statement

On November 12, President-elect Donald Trump issued an official statement confirming Elon Musk’s involvement in the incoming administration.

According to the statement, the billionaire entrepreneur will head the Department of Government Efficiency (D.O.G.E) proposed to cut down cost of governance and streamline bureaucracy.

In response to this announcement, corporate demand for Bitcoin increased considerably. Santiment’s Whale Transactions’ chart below tracks the daily count of BTC transactions that exceed $1 million in value.

As seen above, Bitcoin recorded 5,095 whale transactions worth at least $1 million each on November 12. This represents a 396% increase from the monthly low of 1,026 whale transactions recorded on November 2.

When a spike in whale transactions coincides with a price uptick as observed in the Bitcoin markets this week, strategic investors often interpret this as a bullish signal for two main reasons.

• Increased Institutional Confidence: A surge in large transactions suggests that sophisticate institutional or high-net-worth investors are accumulating Bitcoin. Trump’s latest statements may have boosted Bitcoin’s appeal among institutional investors, possibly as a hedge against traditional markets. If whale activity remains elevated, Bitcoin could experience continued upward momentum.
• Sell-pressure Absorption: When whales execute large volume orders during a rally, the they absorb sell-side pressure from short-term traders booking profits.  This absorption effect often tightens short-term supply dynamics, consequently  intensifying the upward price volatility.

In summary, the correlation between Trump’s latest statements and the 400% surge in whale demand, suggests the D.O.G.E proposal may have boosted Bitcoin’s appeal among corporate investors.

If whale activity remains elevated, Bitcoin price rally could potentially  rise toward $100,000 in the days ahead.

Bitcoin price forecast: $100K rally in sight

Bitcoin is trading at $91,500 on Binance, at the time of publication on Nov 14. With the Volume Weighted Average Price (VWAP) indicator, currently at $90,743,  The VWAP typically offers strong short-term support, as it represents the average  price where major market players entered or exited positions.

As long as Bitcoin’s price holds above the VWAP at $90,743, it indicates that bullish momentum is intact, making it a pivotal support level.

Should BTC close above the $90,743 VWAP, bulls could gain regroup for another leg-up towards $100,000 in the days ahead.

On the other hand, the Chande Kroll Stop indicator is set at $89,513. This level serves as a critical short-term support level. A sustained break below $89,513 could mark the start of a consolidation phase as it signals that buyers are losing control.