Bitcoin (BTC) whales have been noticeably inactive over the past three months, but they are now back with a vengeance!
FXStreet reports that in the past three days there have been 13,400 BTC transactions worth more than $1 million each, demonstrating the high likelihood of an accumulation upsurge.
Historically, whales’ purchases largely effect the prices and valuation of the crypto market given their trading decisions are reliable indicators of price movements in the short run.
Based on data from Santiment, a crypto intelligence platform that monitors transactions and activity across all major cryptocurrencies; it appears large wallet investors have been heavily engaged in BTC transactions as prices continue to hover around the $43K-$45K range.
The bull case for Bitcoin is that it could reach $50,000. In fact, FXStreet analysts believe that BTC could be poised to break out and continue its rally. They see a $50K target in the ongoing bull run.
@CryptoKaleo, is another crypto analyst and trader who has a bullish outlook on BTC, and the same $50K price target for the asset.
Retest $40K, run it back to $50K. pic.twitter.com/sMuEEHF6Sx
— K A L E O (@CryptoKaleo) March 3, 2022
BTC Price Action
At of writing, Bitcoin prints above $42K, down 4.04% in the last 24 hours.