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News

Bitcoin ‘Whale Clusters’ Show $14K as Pivotal for BTC Price Bull Run (www.blockcast.cc)

Post author By Blockcast.cc
Post date August 17, 2020
No Comments on Bitcoin ‘Whale Clusters’ Show $14K as Pivotal for BTC Price Bull Run (www.blockcast.cc)

David Puell, an on-chain analyst, laid out several key data points on Aug. 16 based on the past 4-year cycle of Bitcoin (BTC). Data show that the $14,000 level is a crucial price point for Bitcoin due to whale clusters.

According to Puell, whale clusters show many large buyers bought in the $9,000 to $12,000 range. Whales that bought at $9,000 are seeing relatively high profits, and those that bought the top are at a breakeven point.

The clusters could result in a volatile price action where buyers and sellers aggressively try to break out from the $12,000 to $14,000 price range.

Whale clusters on top of a weekly Bitcoin price chart

Whale clusters on top of a weekly Bitcoin price chart. Source: David Puell

So is a correction more likely or continuation of the Bitcoin rally?

The data support arguments for both a pullback and a continuation. If whales bought at $9,000 and $12,000, they have a compelling reason to take profit in the $12,000 to $14,000 range. They have seen some profits and/or are at breakeven after months of stagnation.

On the flip side, if the whales are in profit and are at breakeven, they might want to see the rally continue. Puell said that he expects an accumulation phase to occur in the $10,000 region following BTC’s move to $12,000 or $14,000. He said:

“Finally, unspent whale clusters confirm a great battle taking place. Two actors at play: top buyers at 12k-14k reaching their breakeven price, and current buyers active after the first higher high in over a year. If we get a correction, it will most likely result in another major cluster of re-accumulation at the 10k area (as expected from the volume profile before); if we breakout, well… enjoy the ride.”

The current landscape of the Bitcoin market is unique when compared with previous cycles. Puell said that due to macro factors, including the pandemic, Bitcoin saw unprecedented price movements.

For instance, on March 13, the price of Bitcoin dropped to as low as $3,596 on BitMEX in a 50% drop overnight. The unusual price movements Bitcoin saw throughout 2020 as a result of unexpected external variables increase the chances of an uncommon price cycle. Puell explained:

“Looking only a year and a half back, we had some of the most interesting market structures in any Bitcoin cycle. During several attempts at a ‘typical’ bullish trend with a strong halving narrative, two swans hit price discovery one after the other: PlusToken and COVID-19.”

Some variables to consider

In the short to medium-term, there are several variables that could have an impact on the price trend of Bitcoin.

In recent months, Bitcoin saw some correlation with gold, possibly due to the uncertainty in global markets causing investors to consider alternative stores of value. The low-interest rate policies by central banks across the world and the rapidly growing money supply will likely have a positive effect on Bitcoin price as well, many analysts believe.

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Joseph Young

Tags Bitcoin, BTC, bull, clusters, k, pivotal, Price, run, show, whale

News

Bitcoin whale moves $1.1 billion in bitcoins for an $80 fee

Post author By Blockcast.cc
Post date January 19, 2020
No Comments on Bitcoin whale moves $1.1 billion in bitcoins for an $80 fee

Bitcoin hasn’t (yet) fulfilled its original promise of being widely-used electronic cash, but it still offers some features that would be hard to achieve within the traditional banking system. Namely, moving $1.1 billion from one address to another, in a single transaction that took minutes and cost just $80.The details of the transaction, which happened late on Tuesday, can be seen here. A total of 124,946.6 BTC were moved, which were worth roughly $1.1 billion at the time. The transaction fee was 0.0096 BTC, or around $83.Anyone controlling that much bitcoin is called a “whale” in Bitcoin lingo. Notably, the number of bitcoins moved accounts for roughly 0.7% of the total circulating supply, which is a little over 18.1 million bitcoins.

The massive transaction is not the first of its kind, but it is rare, and is definitely one of the largest ever in dollar terms. It was noticed on Twitter and Reddit, where one user traced it back to cryptocurrency exchange Bitfinex.

124,946 bitcoin were just moved in a transaction.

That’s ~$1,100,000,000 transfered for an $80 fee.

No government, bank or third party had to verify the transaction, nor could they have stopped it if they wanted to.

The true power of bitcoin. 🔥

— Rhythm (@Rhythmtrader) January 14, 2020

Bitcoin critics from the cryptocurrency world pointed out that you could make a similar transaction even cheaper with other coins, but realistically, not many have a total value big enough to make such a massive transaction feasible.

With this single transaction, the receiving address became the second “richest” Bitcoin address, trailing just one which holds 255,502 BTC.

The transaction happened after a period of fairly quick growth for BTC and other cryptocurrencies. The price of Bitcoin jumped more than 10 percent since Friday, and is currently at $8,714.

Tags Bitcoin, whale