Bitcoin (BTC) price optimism is again on the rise, with positive news, predictions, and macroeconomics moving the markets. In this context, observers have spotted Bitcoin whale traders making massive buys and accumulating BTC, signaling a dominating bullish bias.
Lookonchain, for example, reported that the whale address ’12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo’ withdrew 5,800 BTC from Binance in two days. On July 31, this amount’s nominal value was $387,88 million, currently held in self-custody by this highly capitalized investor.
The most recent purchase happened 30 minutes before the reporting, withdrawing 1,300 BTC worth $85.56 million.
Smart Bitcoin trader history and BTC price analysis
Notably, the whale likely belongs to a smart Bitcoin trader with a profitable trading history involving strategic deposits and withdrawals to and from crypto exchanges. Given its historical background, cryptocurrency traders can interpret this activity as a signal of price optimism and an incoming rally.
Finbold retrieved premium data from Santiment following this most recent withdrawal, looking at this address’s historical balance. From the chart, we can see that ’12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo’ restarted accumulating Bitcoin on February 14, slightly below $50,000 per BTC.
The Bitcoin trader continued withdrawing as BTC price ranged for four months between $60,000 and $72,000. Interestingly, it had accumulated 5,110 BTC by May 24, quickly selling part of it in a local top.
As developed, the Bitcoin trader liquidated its entire position by July 5, when BTC reached a local bottom, deviating from the five-month price range.
12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo historical balance. Source: Santiment / Finbold (@vinibarbosabr)
Now, the whale repurchased the previously sold position all at once in two days, signaling a strong conviction. If this trader’s activity reflects on the leading cryptocurrency‘s price, Bitcoin is poised for massive growth in the following months.
As reported by Finbold, analysts forecast Bitcoin’s price to reach $95,000 in 2024 if certain technical conditions are met.
Today’s FOMC meeting could trigger these conditions with a dovish stance related to the Fed’s interest rate decision or Jerome Powell’s speech, potentially affecting cryptocurrencies like BTC or commodities like silver. Finbold also reported price predictions on Bitcoin and silver following this meeting.
Nevertheless, investors should remain cautious and avoid high-risk leveraged positions as different factors could influence BTC’s price performance and, sometimes, frustrate bullish traders.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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