The mysterious Bitcoin whale that started the previous crashes appears again
Blockchain data has revealed that a mysterious Bitcoin whale that has traded more than $ 350 million in BTC has just received a large supply sum.
The data also shows that every time this wallet has received a large sum of Bitcoin, a sell-off occurs. Will this latest transaction lead to another catastrophic collapse across the entire crypto market?
BTC Outflow Reveals Great Wallet Refills, Previous Major Advances Match Declines
Thanks to the transparency that blockchain provides, crypto analysts always pay close attention to Bitcoin’s ins and outs.
This BTC can be seen flowing in or out of exchanges, and even in an individual’s wallets
And while we don’t always know who the person behind each wallet is, information can often be obtained that can explain any intent behind the transaction.
This intention could be carried over to another wallet for long-term storage, or to a crypto exchange in preparation for being sold on the market to unsuspecting buyers awaiting a new bull market.
Recently, a 50 BTC transaction from an extremely old wallet caused the crypto community to become full of speculation.
And while the funds were never sold, cryptocurrency investors happy to shoot sold Bitcoin fearing the worst.
How will they respond then, when they realize that a mysterious Bitcoin whale wallet associated with transactions that coincide with huge sales may have reloaded their cannons?
Is a mysterious Bitcoin whale about to tip over into the crypto market?
According to blockchain data, a mysterious whale that has moved a total of 3,990 BTC throughout the wallet’s existence has just completed its account.
While this is not scary in itself, the fact that the same wallet data shows that every time this wallet has added more Bitcoin, there was a powerful downturn and market crash.
The first large installment of BTC that is supposed to be released later, may have caused the post-launch collapse of Bakkt in September 2019. There was a $ 2,000 price drop.
The next major BTC sum that came along coincided with the record October 2019 bomb that became a severe dump.
As the price of Bitcoin seemed to be establishing a bottom in November 2019, another downturn occurred after the next BTC transaction.
The pattern continued, this time just before the historic collapse of the Black Thursday market. Now it has happened again, twice, as Bitcoin approaches its strongest resistance yet.
This whale appears to be working to ensure that this repeatedly tested resistance level of $ 10,000 does not break and possibly has used over $ 375 million in BTC to do so.
Will this whale run out of ammo or start holding Bitcoin?
The cryptocurrency ecosystem works in an unusual way does not have a defined pattern, each analyst seeks to explain the phenomena but the path is not always discovered in time, blockchain-bitcoin technology has the potential to continue generating wealth and investors see an endorsement for the shelter and avoid the evils of hyperinflation.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.