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Massive Bitcoin whale moves 92,857 BTC – will BTC price fall?

  • Crypto custodian giant Xapo moves 92.857 Bitcoin (BTC) or $1.146 billion into two wallets.
  • Analysts predict BTC’s price in ATH if it passes the $14,000 mark. Caution for the short term.

Crypto monitor Whale Alert reported movement of one of Bitcoin‘s largest whales (BTC). The whale moved 96,857 BTC or $1,146 billion for a fee of about $3. Data from Whale Alert revealed that crypto giant Xapo was behind the transaction.

About 2 days ago, Xapo sent the amount referred to in BTC to two unknown addresses. For now, the reasons behind the transfer remain speculation. The giant could have moved funds into a customer’s wallet or have moved the funds due to a security vulnerability.

Additional data from BitInfoCharts shows that the broadcast address was left with 0.0019 BTC in its funds. As a result, the unknown receiving address is one of the largest Bitcoin whales. Xapo is known for its stringent security measures. A year ago it was acquired by Coinbase Custody, becoming one of the most important crypto custodians on the crypto market.

Bitcoin price analysis

Bitcoin whales movement has been increasing in recent days. Meanwhile, the cryptocurrency seems to have entered a new period of stability, after rising nearly $2,000 in late July and breaking the $11,000 mark for the first time in 2020. At the time of publication, Bitcoin is trading at  $11,750 with a loss of 1.39% in the last 24 hours. On the weekly chart, the gains are moderate at 2.91%. In contrast, the monthly chart shows significant gains at 23.57%. Market capitalization is at $ 215,046,496.

In the crypto market, analysts expect Bitcoin to test the $12,000 mark again. A rise above that level, according to some analysts, will be the start of a new rally for Bitcoin. The analyst il Capo of Crypto is among these analysts. On his twitter account, Il Capo has shared his prediction and hopes that an increase above $14,000 will put Bitcoin back at its all-time high.

Other analysts are more cautious in the short term. The operator Byzantine General gave an update on its predictions for the BTC price. Previously the operator stated that Bitcoin would reach its ATH and, although its prediction could still be met, there will be a “lil heavy storm” in the short term.

Byzantine General’s prediction is consistent with a Bloomberg report. There, analyst Mike McGlone is bullish on BTC price. He also predicts a new rally towards an all-time high. McGlone said that the cryptocurrency is beginning to strengthen more as digital gold and an attractive alternative for investors seeking protection from the inflationary policies of traditional financial institutions.

Operators like Jonny Moe and Josh Rager are also bullish on Bitcoin. While Rager has set $12,000 as an important target, Moe believes that Bitcoin’s trajectory will be similar to that of 2019. At that time, Bitcoin doubled its price to $13,000 in just under 30 days. Additionally, Moe believes that Ethereum has an advantage over Bitcoin so far this year.

Chainlink beats Ethereum as biggest winner among top 10

In that sense, both operators have been bullish about the opportunities offered by the altcoins market. LINK seems to be the biggest winner of the last 24 hours. Moe stated that there is no such thing as a bearish pattern for LINK with a price of $10.60 and gains of 36% and 64% in the weekly and monthly charts.

Rager said LINK is “stronger” than Ethereum at present. Therefore, the operator has decided to increase its investment in LINK. The trader advised investors to invest in LINK when there is a pullback in the market, such as the one experienced in the last few hours.

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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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