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Bitcoin Whales Expect Higher Price

Bitcoin price volatility is one of the signs, which shows that Bitcoin bull run may continue. The reason behind it is that the number of wallets, which hold over...

Written by Wallebi Author · 1 min read >
Bitcoin Whales Expect Higher Price

 price surged significantly during the last month. Although many thinks that 40K is the highest price, which Bitcoin can meet, some analytical factors show that we can expect a continuous bull run. The latest statistics show that Bitcoin whales expect higher price and waiting for new all-time highs.

Will Bitcoin bull run continue?

Bitcoin price volatility is one of the signs, which shows that Bitcoin bull run may continue. The reason behind it is that the number of wallets, which hold over 1,000 BTC set a new all-time high. It means that whales expect higher prices for Bitcoin and waiting for new all-time highs. Therefore, BTC price may react to this market movement and rise again.

The number of Bitcoin whale’s wallet are increasing

Recent data show, around 164 new wallets, which hold more than 1000 BTC were created just in 2021. The total amount of BTC, which is holding in these wallets is equivalent to $6 billion. Although it doesn’t mean that whales are adding to their positions, the amount of transferred fund could a be potential reason for the recent BTC bull run.

 

Bitcoin Whales Expect Higher Price; Whales react greedier to the recent market

Reports show that number of micro investors and traders declined dramatically. It means that only wallets, which belong to whales with more than 1,000 BTC is increasing.

In this situation, some started to blame holder because of selling their coins to whales. In fact, they believe that holders do not have to sell their asset to whales. On the other hand, some believe that whales protect their investment properly and such these decisions can not affect them.

Recently, Whalmap reacted to recent market movements on its twitter account. They revealed that large inflows to whale wallets executed at the price of $29,314. They believe that whales are protecting their BTC and it would a strong support for Bitcoin in both short term and long term.

Bitcoin is fluctuating between $30,000 and $40,000. Meanwhile, Grayscale announced its largest-ever BTC buy, which executed in a day. In this transaction, Grayscale bought more than $16,000 BTC worth approximately $700 million.

All the mentioned market movements above show that Bitcoin price has the potential to set new all-time high since whales are aggressively protecting their position. In addition, institutional investors still keep buying Bitcoin and accumulate in the hope of price growth.

Written by Wallebi Author
Author and analyst in the field of cryptocurrency Profile

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