For over 8months now the value of bitcoin has trippled and it is expected that before the end of 2021 that 1BTC will be equivalent to $100,000.
Not withstanding, Just few hours ago an unknown entity (Bitcoin whale) moved a massive amount of Btc, this is not surprising because it is not the first time such incident has been recorded.
NB: A bitcoin whale is a cryptocurrency term that refers to individuals or entities that hold large amounts of bitcoin. Whales hold enough cryptocurrency that they have the potential to manipulate the currency valuations.
Cypto whale traders are definitely up to something, with the price of 1Btc sky rocketing to more than $33,000 more of this sceneries are expected to occur more rampantly in the nearest future.
According to Whale Trades, a well known crypto analytical tracker, a large crypto entity moved 12,642.27 BTC (with dollar equivalent of $412,928,523.14 ) the transaction fee was 0.00100000BTC ($32.66 ) some few hours ago.
Here is the transaction's detail
Bitcoin whale transaction details
What does this imply:
1.) From all indications this is a signal that more high-net-worth individuals/Firm's/Organizations are entering the crytpo space to invest in Bitcoin, with expectation that the price of $BTC will skyrocket more.
2.) Bitcoin price over the past few months have skyrocketed and has been on a constant upward trend for months (Bullish), I personally believe that the increased buying pressures by notable unknown individuals and institutional brands are partly responsible for the non-dilutable crypto’s( BTC) recent highs.
NB: Although it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
3.) Also, it’s important to note, That the number of accessible Bitcoin liquidity has been declining, on the bias that global investors (individuals/ firms) are hoarding/saving Btc, therefore making the number of accessible BTC to becoming scarce. About 1 million Bitcoins have become illiquid this year( i.e. it has been held by entities that spend < 25% of coins they receive.
4.) Although scare the chase for Btc acquisition has been on the rise with millions of people visiting various site and wallets that sell Btc, this means that BTC might reach up to $100,000o before the end of 2021
At the time of writing this article, Bitcoin traded at $33,145.71 with a daily trading volume of $81.25 billion. Bitcoin is up 2.36% for the day.
Conclusion ; hoarding of Btc by this global investor will lead to unnecessary rapid in the price of Btc and this can make investors with low capital to invest in other coins (eg Etherum,Litecoin,Dash etc)
°Ahanonu publication © 2021°
