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A bitcoin whale transferred 4,500 bitcoins, equivalent to $50 million, from his wallet to the Binance exchange. Currently, there is no information about the identity of this whale and his intention to carry out this transaction. This massive transaction has created a movement among Bitcoin traders.
According to Daily Hodel and quoting the Whale Alert bot, the huge transaction was done with a fee of $22.
In fact, Will Alert is a Twitter account that is active in tracking large digital currency transactions. Reports indicate that the intention of this whale is to sell this amount of assets. Will Alert has stated that it is not yet clear who this account belongs to.
It is noteworthy that the address of this digital currency wallet is not related to Binance accounts or well-known organizations in the world of digital currency.
The activity of this wallet started on the 6th of February (Bahan 1998) and after sending and receiving significant amounts of Bitcoin, it has been active with more than 160 transactions with high amounts.
The implications of the $50,000,000 Bitcoin transaction from an analyst perspective
This $50,000,000 Bitcoin transaction coincided with increased speculation about a short-term decline in the price of Bitcoin. According to some digital currency market experts like Michael van de Pope with 50,000 followers on Twitter, the price of Bitcoin will fall to 10,800 before forming the underlying structure. Also, another analyst with the username Flood (Flood) considered a bearish view for this digital currency in his comment about the occurrence of the crypto whale.
Based on his forecast to break the $10,500 support, Bitcoin needs to break the $11,000 resistance.
Read more: Bitcoin price depends on what factors?!
Another crypto market analyst named Josh Rager has a more bearish view on Van Depop and Flood and expects further declines. He believes that the price of Bitcoin will fall below $10,000.
He further added that this price drop does not bother him and does not surprise him; Because Bitcoin, the number one cryptocurrency, tends to register 30% corrections.
