The post Third-Largest Bitcoin Whale Switches to Accumulation Mode! Is This the Right Time to Stack BTC? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin (BTC) Price May Smash a New ATH Soon!
Bitcoin nowadays is keeping the crypto-verse very inquisitive with its sudden trend reversals. Yes, the star crypto still maintains its trend within the healthy ranges and displays significant changes of materializing a strong uptrend very soon. Interestingly, the BTC price after quite a long time is manifesting the changes ranging more than 42% which may minimize the distance towards the new ATH.
As mentioned earlier, the BTC price for a very long time has been swinging within a symmetrical triangle and approaching the apex at a greater speed. However, it remains rejected from the 200-EMA which is also the middle level of the Bollinger Bands. And hence a probable chance of the asset pulling a massive leg up, regardless of the direction surface.
In the weekly time frame, the BTC price appears to be well-positioned to fly high beyond the $60,000 levels soon. The Bollinger bands in the weekly time frame have squeezed for the second consecutive time. The previous time the bands experienced a squeeze, the price broke out towards the north and surged high by nearly 40% to record new highs. And hence a similar trend is expected to mirror in the upcoming days.
BTC Whale Accumulating Hard
The third-biggest Bitcoin whale nowadays has switched on to accumulation mode with heavy BTC purchases in the past seven days. As the Bitcoin price slipped below $40,000, the whale began accumulating the assets and acquired nearly 2,822 BTC. The whale is said to be the largest non-exchange entity that accumulated BTC worth $117 million in the past week.
According to the data from CoinCarp, the worth of the BTC wallet has surged beyond $5 billion with the recent acquisition. While many still believe it may be an exchange, the crypto tracking tool suggests it may be a real Bitcoin whale. If in case the address turns out to be an exchange, then it may be a nightmare for the BTC price as a huge exchange inflow may end up slashing the price.
On the other hand, if the whale is really accumulating the asset, then the demand may increase above the supply compelling the price to range high. And eventually, the Bitcoin (BTC) price may witness a steep price swing probably towards the north.