- Whale moved over $43 million USD worth of Bitcoin (BTC) from Xapo Wallet on Wednesday.
- The movement of such a large amount of BTC raised questions on whether BTC is in an accumulation period.
- Could a possible spike to $14,000 USD be on the horizon?
Cryptocurrency whale aggregators are once again on the lookout as huge amounts of Bitcoin change wallets as the market signals an accumulation period on the Bitcoin-dollar pair. Over the past three hours (as at time of publishing), over 5,000 BTC has changed wallets; one from Xapo exchange wallet constituting a total of 4,300 BTC (~$43.67 million USD) and the other of 985 BTC (~$10 million USD) from an unknown address to Binance wallet.
— Whale Alert (@whale_alert) February 13, 2020
The large $43 million+ stash signals a possible start of an accumulation as the early traders take their profits and more buyers take up positions in the market. Currently trading at about $10,200 USD across various exchanges after a magnificent 40% hike since the start of the year, BTC looks set for another uptrend with bulls entering an accumulation period.
BTC/USD signals a possible spike to $14,000 USD
Bulls have been able to sustain the buy pressure in the market, maintaining BTC’s price above the $10,000 USD for the third day in a row. Despite the short spike that saw BTC lose over $400 in an hour on 13 Feb, BTC/USD price is rising gradually targeting the near term resistance provided on the hourly chart by the middle Bollinger Band at $10,250 USD.
A cross above this key resistance opens possibilities of BTC testing and breach its 2019 high at $13,900 USD and possibly the all-time high. With high amounts of BTC being transferred to the unknown wallets, and price finally setting pace in an accumulation period, how far are we from crossing the $14,000 USD psychological mark?