Despite the latest Bitcoin dip to below $20,000, which caused markets to decline, large Bitcoin investors continue to amass. Up to 6,000 BTC were transmitted in two transactions from undisclosed wallets to the cryptocurrency exchange Binance, according to Whale Alert. A 999 BTC move was made, but it was immediately followed by a large 4,999 BTC move from a different wallet address.
Nonetheless, the recent downturn has provided some significant investors with the chance to “buy the dip.” Another transaction of this kind included sending up to 11,125 Bitcoin to Binance.
According to a crypto analytics company called Santiment, two sizable investor cohorts have been buying up Bitcoin even though its price dropped below $20,000 last week.
“Bitcoin sharks and whales don’t appear to be to blame for crypto’s rough week. In fact, addresses holding 10 to 10,000 BTC have collectively accumulated $821.5 million back during this mid-sized crash. Crypto’s correlation with equities is what to watch.”
The activities of whales in the cryptocurrency market can sometimes provide important information about future price movements.
It would appear that the buying pressure from these whales has eventually had a positive impact on the coin because the asset’s price has experienced some significant upward movement in the most recent day.
The next Bitcoin halving event is expected to take place in 2024, cutting the Bitcoin miner’s reward to 3.125 BTC per block. After the fourth halving, 96.875% of the Bitcoin will be mined. The last BTC halving which took place in the year 2020 sky rocked its price by more than 556% within a year’s time.
Wherefore, the bitcoin price could surge to a maximum of $43,959.19 by the end of 2023 taking the current market pattern into consideration.
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