Bitcoin Whales Expect Greater Increase in BTC Price
Despite this remarkable increase, the Bitcoin balance on the exchanges has not changed. The balance accounts for 14.5% of supply, according to analysis platform Glassnode. This indicates that there are no BTC deposits on stock market accounts.
Before and even after Bitcoin’s halving in May, a large amount of money was withdrawn from the exchanges. A large sum of $ 220 million of Bitcoin was withdrawn from the latest Coinbase. This has significantly reduced the number of Bitcoins in exchanges, and this trend seems to be unchanged yet.
Bitcoin whales expect further increases
Although the rally over the past few days has shown the biggest growth in 2020, Bitcoin whales are expecting a higher increase. This is the most popular development that explains that the amount of money drawn from exchanges remains the same.
This behavior shows that there is optimism among investors and Bitcoin owners about the future of a higher price – which seems to be pretty good now to expect such a price move. Bitcoin only reached $ 10,000 once in 2020 and was unable to maintain its price. Having managed to stay above $ 9,000 for two months, he suddenly passed the critical price level and is now trading around $ 11,000.
A crypto currency traders, the current pattern in 2020 is likely to come with the highest level of all time, he says . This shows that it may take some time for stock markets to recover after the money outflows; Because right now most people are not likely to send their Bitcoins to stock market wallets because of this positive feeling.
Meanwhile, the market looks green for altcoins as well. analysts say altcoins must slow down for Bitcoin to make any significant moves. Therefore, if the market continues to support altcoins, Bitcoin may not be able to rise well above $ 11,000 in the near future. But there is good news – BTC is not expected to return to 4 digit figures in the short term.