Popular crypto tracking service Whale Alert has detected two large Bitcoin transfers made from the Coinbase exchange to wallets that belong to an anonymous crypto investor.
This has been done, while Bitcoin is floating above the $41,000 level and is expected to return to the $46,000 zone.
$330.3 million in Bitcoin on the move
As has been reported by the aforementioned crypto tracker, anonymous whales have made two transactions to withdraw a total of 7,831 Bitcoins to their addresses 19rTnWD1ZbUE7B9q1WZx2ZiswjiyyMUYbc and bc1q57lzn64qpmrc3289jarge3g7nmlfwqu8jfdev0 from Coinbase exchange.
These whales withdrew chunks of 6,018 and 1,813 BTC worth $254,646,370 and $75,743,920, respectively.
According to BitInfoCharts, the second address contains zero Bitcoin at the time of writing after the incoming transaction that occurred today. As for the first address, which received 6,018 BTC, it still holds the received amount of Bitcoin on its balance.
On March 25, it also received 300 BTC but sent them away on the same day.
Bitcoin targets $46,000 via this bullish pattern
In a recently published tweet, founder of Crypto Capital Venture Dan Gambardello stated that he expects the next target for the Bitcoin price to be $46,000.
He believes the price surge may happen as Bitcoin is going through a Head & Shoulders inverse pattern.
Here's what's pushing BTC price up: IntoTheBlock
On-chain data vendor IntoTheBlock has shared a possible reason for Bitcoin demonstrating a rise over the past few days. On April 11, the global flagship cryptocurrency dropped below the $42,900 level and hit a low of $39,000 on April 18.
Today, Bitcoin has added 2.89%, rising from $41,367 to $42,563.
Data provided by IntoTheBlock shows that the Bitcoin price is being propelled by its close correlation to the Nasdaq and S&P 500 indexes.
The latter is showing a rise at the moment, trading at $4,459. It has recovered from $4,391. The Nasdaq Composite index is also showing a rise, going up to 160 EUR from 158 EUR.
On March 29, the S&P 500 was trading at $4,631, while Bitcoin was changing hands at $47,536.
The correlation between Bitcoin and traditional financial markets is at its highest value of 2022 so far.
Is $BTC a safe heaven or a leverage long exposure to broader markets?— IntoTheBlock (@intotheblock) April 21, 2022
High correlations that pushed it down early in the year with the S&P500 or Nasdaq appear to be the force propelling it back up.
The correlation with traditional markets is at its highest value of the year. pic.twitter.com/ppy0rnyBLQ