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Bitcoin (BTC) has recovered after a recent price correction. While the bullish momentum has persisted on the market, crypto whales seem to be expecting a huge Bitcoin price breakout in the coming weeks. Crypto tracking service Whale Alert has reported four large BTC transactions from whales.
It was reported that approximately $429 million worth of Bitcoin were shifted by major holders, commonly known as “whales.” In the first transfer, 1,500 BTC, valued at $101 million, had been moved from an unknown wallet to another unknown wallet. Shortly afterward, further whale movements were highlighted, including 1,613 BTC, worth around $109 million, transferred from crypto exchange Binance to an unknown wallet.
This was followed by a transfer of 1,613 BTC, valued at approximately $109 million, from one unknown wallet to another, and another transfer of 1,615 BTC, worth around $109 million, between unknown wallets. In total, these Bitcoin transfers amounted to a whopping 6,341 BTC, fueling discussions within the crypto community and raising questions about the next move for Bitcoin.
Bitcoin price rally coming?
As of writing time, Bitcoin is trading at $67,935, marking a 1.15% surge over the past 24 hours. Analysts are anticipating that this sudden wave of whale transactions could be a precursor to a potential price rally, with some even hinting at the possibility of a new all-time high (ATH). The recent market behavior aligns with trends seen in previous market cycles where large-scale transactions by whales typically signal shifts in sentiment or position ahead of price hikes.
The Bitcoin price has experienced a series of upward trends over recent months, with bullish sentiment from both retail and institutional investors. The crypto asset's increasing appeal as a hedge against inflation, coupled with the rising inflows in Spot Bitcoin ETFs, has brought renewed optimism to the market.
Dan Burgin
Alex Dovbnya