BITCOIN MOBILITY OF BIG WHALES GIVES IMPORTANT CLUE
Do bitcoin whales think the price will go up?
As March April 29, Bitcoin (BTC) was worth $ 8,000 again, and along with that rise, all traces of its March 12 decline have been erased. While this rise of the leading cryptocurrency is a positive development, many analysts think the price could fall ahead of the upcoming Bitcoin Halving.
Whales Don't Sell Their Bitcoins
Yet looking at the biggest bitcoin whales, it seems that there is actually nothing to worry about and the whales are firmly committed to the BTC's in their hands. A massive bitcoin whale with more than 68,000 BTCS at its wallet address, namely about $ 523 million, has never moved its funds for nearly five years and has not conducted a sale transaction.
According to data presented by Coin Metrics, many BTC whales are not actually selling their BTC despite experienced price drops or the possibility of price drops. Since January 2019, whales have been increasing the amount of BTC in their hands, and that's certainly a good sign.
As Bitcoin approaches halving, the whales ' selling of their BTC could cause serious panic and cause a similar decline to the March 12 date. However, investors ' protection of their assets can be perceived as a bullish signal for BTC, whose value is determined by market participants.
In fact, not only the whales, but other indicators suggest that it may be Bull time for BTC. A recent study published by Glassnode indicated that BTC had reached the point designated as the “hope zone” and that this was a bullish signal for BTC.