BTC Whales: They are so huge that they have this power to set the direction of the Bitcoin (BTC) price wave. When we only have a few satoshis or a few BTCs, we can only hope that the wave is favorable to our small boat.
9,000 USD to 12,000 USD: Whales buy!
The on-chain data analyst, David Puell, recently unveiled several key statistics to determine the possible price development of Bitcoin.
According to him, the threshold of 14,000 USD is crucial for the BTC, given the existence of a cluster of large investors or Whales at this level.
This cluster previously existed when the price of Bitcoin was in the range of $ 9,000 to $ 12,000.
Source : Image via Twitter
The data shows that Whales who bought at $ 9,000 are in a profit situation, while those who bought in the upper range are at a breakeven point, with a BTC around 12,000 USD.
So what would be the most likely scenario? Another correction to 10,000 USD or a resumption of the uptrend? According to Puell, the indicators show that the 2 scenarios are possible.
Beyond 12,000 USD: everyone has their own way!
On the one hand are the big investors who have been waiting for several months and would be tempted to part with their Bitcoins since their price will be in the zone of 12,000 USD – 14,000 USD; on the other side are the Whales whose investments have reached the breakeven point or who are profitable and, who would like the bullish rally to continue.
Whatever the case, the coming months will undoubtedly see the creation of a cluster where the Whales will engage in a power struggle in the range of $ 12,000 to $ 14,000, with high price volatility of Bitcoin.
Puell also notes that the current market cycle is unique given the existence of many unusual macroeconomic factors, one of which is the spread of the COVID-19 pandemic.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Does a good trader have to know how to surf the backs of Whales? Be careful not to fall when they spit out their BTC on the markets. Whale, a rather “mimi” name for financial sharks.
Litecoin, welcome in the Silver Age