$20,000 or Even a New Higher High for Bitcoin – Whale Watchers on Alert

By dan saada August 26, 2019 Off

With the blockchain reward reduction of Bitcoin to be around in just nine months, the cryptocurrency market which was in a bullish run over has not stagnated, this establishing a trading range for the Bitcoin.

Relying on the theory that history will repeat itself, the price of the Bitcoin has more room to rally before its halving.  It is expected that Bitcoin will be up by 100% before May next year.

Several analysts are eyeing $20,000 despite it being seemingly irrational.  Tom Lee is one among the many who are predicting a $20,000 for the Bitcoin.  BC is trading at a premium in Argentina and Hong Kong.  Lee opines that Bitcoin will be ending the year at a higher price than now.  He projects the $20,000 or even a new higher high.

Several other factors are also stated to be a contributory factor leading to the boon of Bitcoin.  The unveiling of Libra brought in a lot of attention to the cryptocurrency market.  The macroeconomic turmoil and anti-cryptocurrency tweets are yet other contributory factors.

From among the top cryptocurrencies, the only tokens which are facing losses are LEO down by 0.73%, Link down by 0.59%, BNB down by a fraction of a percent.  Ethereum is currently in the bear market; however, Chris Burniske believes that ETH/USD is a reliable long-term investment.

Bitcoin is currently facing an uphill task versus the USD.  Things are getting stranger as whales are moving nearly $77,000 BTC, which is worth a whopping $780 million into three unknown wallets.  This is about 0.43% of all circulating supply.  In just a year later, someone else moved XRP worth $133 million, which is 484,775,570 XRP.

There is a lot of speculation happening around this big move in the twitter space.  Some think that the bad guys are liquidating their ill-gotten profits. However, other analysts opine that the whales make these moves.   In the current scenario, it is opined that the market is all set to go either way up or way down.  Sometimes, the movement of these funds can mean nothing more than just the cryptocurrency exchanges moving their value.

There is forever an alert and a subsequent analysis of the situation anytime a sizeable transaction happens takes place between wallets. Whale watchers are alert about big moves, and they dig into the motives and the after-effects eventually signaling market trends.