A cryptocurrency investor managed to net approximately $13.5 million in profits within a mere four days through strategic Bitcoin transactions.
According to Lookonchain, a blockchain analytics platform, the investor initially withdrew 2,742 Bitcoins valued at $118.66 million from Binance, a leading cryptocurrency exchange, when the price of Bitcoin was $43,277.
Following a significant price increase, the investor then redeposited the same amount of Bitcoin, now valued at $132 million, back into Binance at a price of $48,193 per Bitcoin.
Strategic investment or timely luck?
This lucrative maneuver came just before Bitcoin's price witnessed a slight increase, solidifying at $48,250.37, according to the latest latest market data.
The timing of the transactions suggests a well-calculated strategy, leveraging the volatility of the cryptocurrency market to the investor's advantage.
However, some observers question whether the investor could have achieved even higher returns had they waited longer, especially considering the current market trends and the potential for Bitcoin's price to climb further.
Market optimistic amid skepticism
Despite the skepticism that often surrounds the cryptocurrency market, analysts like Ali (@ali_charts ) emphasize that Bitcoin has maintained robust support levels.
Such support levels, they argue, could outweigh resistance in the market, potentially paving the way for Bitcoin's price to soar to higher resistance levels around $57,000.