Bitcoin whale activity has recently risen to a 4-month high as $ BTC whales have begun buying the flagship cryptocurrency as it approached critical support at $ 20,000 and threatened to fall below it.
According to cryptocurrency analytics firm IntoTheBlock, which uses a meter called Large Holders Inflow to track funds going to BTC whale addresses, the largest revenue stream since February this year was observed: 116,000 bitcoins worth $ 2.5 billion moved in one go. day.
According to IntoTheBlock, a business may refer to a possible base for the price of a cryptocurrency because “these addresses tend to buy in size after major market corrections.” The price of Bitcoin has recently fallen as a result of a broader market correction, resulting in the market value of crypto space falling below $ 1 trillion.
CryptoCompare information shows that the cryptocurrency tested the $ 20,000 limit before proposing $ 21,000. At the time of writing, it has fallen 2.4% in the last 24 hours and is trading at $ 20,600. The $ 20,000 mark is crucial because it’s a psychological support area close to the peak of the 2017 bull run.
Using Glassnode’s data, the crypto-influencer on social media pointed out that whales “sell for strength and buy for weakness” using a chart that shows the number of Bitcoin addresses with balances in excess of 10,000 BTC has recently risen as prices plummet.
As CryptoGlobe reports, Jurrien Timmer, Fidelity’s global macro director, has recently said that Bitcoin’s P / E meter, which uses the price of cryptocurrency and the network ratio, has recently returned to the level seen in 2017 and 2013, although the price of cryptocurrency is back late. 2020 levels.
Robert Kiyosaki, author of the highly successful “Rich Dad Poor Dad” book series, has shown the collapse of Bitcoin as an opportunity for investors to say that “collapses are the best moments to get rich.”
Kiyosaki suggested that the crash of BTC was “good news” because he “expects Bitcoin to crash to $ 20,000” so he can “set up a truck” once the bottom is inside.
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h/t – CryptoGlobe