Here’s How a Bitcoin Whale Earned a $13.5 Million Profit in Just 4 Days
Whale Activity Drives Bitcoin Price to $48.6k Amidst Market Surge
The current state of the market is highly volatile, with a sudden influx of cash attributed to increased whale activity. Bitcoin has experienced an impressive 3% leap over the weekend, reaching $48.6k, a move rarely observed during non-trading days.
This surge, primarily driven by spot purchases, reflects positive market sentiment. In the past 24 hours alone, Bitcoin’s value has risen by over 2.6%, marking a significant 12% increase in relation to the U.S. dollar over the past week.
Before this rally, IntoTheBlock reported that 90% of BTC holders were in a profitable position, reducing panic selling and promoting stable growth during the surge.
Whale Activity and Weekend Surge Propel Bitcoin Price to $48.6k
This upward trend has had a ripple effect in the market. According to Lookonchain data, an investor made headlines by generating $13.5 million in profits within four days through strategic Bitcoin transactions. Initially, the investor withdrew 2,742 Bitcoins worth $118.66 million from Binance when Bitcoin was priced at $43,277. They then redeposited the same amount of Bitcoin back into Binance at a rate of $48,193 per coin, which is now valued at $132 million.
A whale deposited 2,742 $BTC ($132M) to #Binance 9 hours ago and made ~$13.5M in only 4 days! This whale withdrew 2,742 $BTC ($118.66M) from #Binance at $43,277 before $BTC price rose, then deposited all $BTC to #Binance at $48,193 9 hours ago. [Image]
The timing of these transactions indicates a well-planned strategy, allowing the investor to capitalize on the crypto crisis. Given the ongoing market trends and the potential for Bitcoin’s price to increase further, some speculate whether the investor could have earned even more by waiting.
However, experts like Ali (@ali_charts) remain optimistic, highlighting Bitcoin’s robust support and its potential to surge towards higher resistance levels around $57,000.
Mixed Sentiments and Caution Ahead
According to Santiments, the buying spree of these mega whales demonstrates their confidence in Bitcoin’s future. Past instances of significant accumulations have been positive indicators, suggesting that the market may be on the brink of another bullish wave. The surge in institutional activity, combined with the positive market sentiment, aligns with a favorable outlook for Bitcoin’s price, further fueled by the upcoming halving scheduled to occur in 69 days.
Nevertheless, not everyone is convinced by this forecast, with warnings of potential volatility ahead, as highlighted by Rekt Capital, a prominent crypto analyst. He believes that there may be one more pullback before the halving, possibly occurring around late March or April based on historical patterns.
Overall, despite some uncertainty, Bitcoin’s technical analysis provides hope. Its stability at around $42,600 helps withstand short-term fluctuations, and the likelihood of reaching $57,000 next appears promising, indicating a strong potential for further growth if Bitcoin maintains its current pace.
BTC is now above 47K! Will we touch 57K before the halving? What are your thoughts?
Tags: Bitcoin