Bitcoin (BTC) price rose to over $ 48,000 on February 9 and has continued to consolidate ever since. Physical indications found that the whales were the main driving force behind the demonstration.

This is largely a bullish signal. The likelihood of Bitcoin increasing will increase as retail investors enter the market at scale, as spot markets and derivatives become overheated.

Why does the whale raise the price of Bitcoin?
In recent months, so-called “megakits” have sold bitcoins in bulk from $ 33,000 to $ 40,000.

Orders ranging from $ 1 million to $ 10 million have grown dramatically on major cryptocurrency exchanges, including Binance.

But when the bitcoin price began to consolidate above $ 33,000 after adjusting from $ 40,000, the demand for whale purchases rose again.

Material scientist analysts said the size of the whales was unusually high, at about $ 150 million in 24 hours.

This figure shows that whales are constantly accumulating bitcoins after the news that Tesla had bought BTC worth $ 1.5 billion. They said:

“Finally, whales still control everything, and they’re so popular! You might ask why they’re so much blue. BC whales have unusually large net sizes ($ 150 million in the last 24 hours)! They usually only represent a small fraction of Total cardiovascular disease, but now they’re the majority. So this $ 50,000 move was almost entirely paid for by whales! ”

why now?
Analysts say the hype surrounding public companies that own bitcoin is creating positive market sentiment about the dominant cryptocurrency.

Philbfilb, Bitcoin trader under a pseudonym, said that shareholders are more likely to demand public corporations for transparency after Tesla reduced the risks of owning bitcoins.

Additionally, Raul Pal, CEO of Real Vision Group, confirmed that Bitcoin is still in its early stages of growth.

When it comes to public awareness, there is still generally a low level of awareness about Bitcoin among ordinary investors. In 2017, many retail investors rushed to buy Bitcoin. The friend explained:

“Today I had a conversation with my oldest and best friend who I have known for 6 years and over. Some are rich and some are struggling. Only 2 out of 12 bitcoins I own, and I have been begging and praying for a year. On the other hand, my yoga teacher asks to pay in bitcoin! Early. “

Source: CoinTelegraph