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Bitcoin worth $1,000,000,000 moved – Is a selloff incoming?

  • Blockchain monitor, Bitcoin Block Bot, tracked a huge whale transfer of 88,989 Bitcoin (BTC) worth $1 billion.
  • Analysts agree on a bullish outlook for Bitcoin (BTC) and predict a prolongation of the rally. $10,500 is a critical level.

The blockchain monitor, Bitcoin Block Bot, reported a whale transfer of 88,898 Bitcoin (BTC) worth $1 billion. According to the monitor, the transfer was recorded in block 642,034 yesterday, Aug. 3, 2020, and had a fee of $9.15.

Data from BitInfoCharts provides more details about the transfer. BitInfoCharts specifies that the address that sent the transaction is related to a Binance cold wallet. Additionally, the monitor shows that the address received 88,989 BTC, the amount withdrawn yesterday, on April 29, 2020. At that time, the transaction was worth just $773,851. The whale sent the referred amount to two addresses. The first address is unknown and received 68,101 BTC. The second address is also related to a Binance cold wallet and received the remaining amount.

In the crypto community, users have begun to notice a recent rise in Bitcoin whale activity. In addition to the transaction mentioned above, the crypto monitor Whale Alert recorded 4 massive transactions in the last week. The first two are related to the Coinbase and Binance exchanges and are estimated at 1,500 BTC ($17 million) and 947 BTC ($10.7 million) respectively. The other two whale transactions were made from Bitstamp to unknown addresses, the first for 1,000 BTC ($11 million) and the second for 1,200 BTC ($13.5 million).

Impact on Bitcoin’s (BTC) price

Since last Sunday, Bitcoin managed to overcome several important milestones in its price. For the first time in 2020, the first cryptocurrency by market-capitalization broke the $12,000 mark. Although BTC dropped $1,500 in a couple of minutes Bitcoin has stabilized so far.

Bitcoin (BTC) is trading at $11,156. In the last 24 hours, BTC has moved sideways (-0.77%), but still shows gains on the weekly and monthly charts at 1.40% and 21.71% respectively. Market capitalization has dropped slightly to $205 billion.

Whale activity, so far, does not seem to have much influence on analysts’ predictions. Most predict an extension of Bitcoin’s rally as the cryptocurrency continues to consolidate above $11,000. Analyst Teddy celebrated that Bitcoin still remains at the level referred to. However, he doesn’t expect the cryptocurrecny to remain at that level for long. The analyst describes that Bitcoin could retest $10,500 first before Bitcoin rises to $13,000.

Analyst Byzantine General shared the following chart with his followers on Twitter. He said that the charts for Bitcoin and Ethereum are bullish and have the potential to continue rising according to technical indicators. The analyst stated that the indicator s/r (support/resistance) flip is bullish over the Point of Control (POC).

Meanwhile, analyst “Il Capo of Crypto” shared with his followers his trading plan for Bitcoin. Like Teddy, Il Capo identifies a possible bearish scenario if the 3D candles fall below $8,500. At the same time, the bullish scenario for the analyst has a critical support level at $10,500 for the s/r flip indicator. After that, the analyst predicts that Bitcoin’s price will progressively touch $12 and $14,000 to reach its all-time high.

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About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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