‘Whale’ hits bottom, Bitcoin on the verge of a sharp rise?

‘Whale’ hits bottom, Bitcoin on the verge of a sharp rise?

Many large-volume bitcoin transactions have taken place after the cryptocurrency crashed. This could be a sign of a new bull run.

When Russia attacked Ukraine on Feb. 24, bitcoin price immediately plummeted deep below the , mark $35,000. However, contrary to the speculation of many investors, the cryptocurrency market recovered quite strongly in the following 2 days.

In particular, according to data from analytics platform Santiment, bitcoin “whales” appear to have used this volatile period to execute a large number of trades despite the bottom.

Specifically, the trading volume stands out 100,000 won USD and First million dollars They have all reached their highest level since the beginning of the year. Earlier on Jan. 24, the “whales” also had a similar move, buying Bitcoin in bulk as the price hit its bottom. Just a few days later, the price of BTC quickly recovered.

“Given the war situation in Ukraine and BTC price bottoming out 34,700 USD, the “whales” made some huge transactions. As of January 24, this is the largest amount charged over 100,000+ transactions First million dollars. After the “whales” bottomed in late January, Bitcoin’s price immediately surged 15% the following week,” Santiment said on Twitter.

In fact, chasing “whales” is a fairly common tactic for retail investors today. They often make decisions similar to those of large mutual funds in order to limit the risk of loss. As a result, when large amounts of Bitcoin are bought by funds, retail investors often make similar decisions, driving up the price.

The Bitcoin price also recovered relatively well after US President Joe Biden announced sanctions against Russia. According to Celsius Network CEO Alex Mashinsky, the ongoing conflict between Russia and Ukraine is acting as a catalyst for Bitcoin to establish support at low levels. 30,000 won USD.

Also, according to Finbold’s author Jordan Major, the Bitcoin price is undercut 35,000 won USD has turned out to be a really good opportunity for newcomers to the crypto market. Likewise, Bloomberg analyst Mike McGlone believes the sharp drop is a defining moment for digital assets.

“I think this is the last good opportunity to buy bitcoin for long-term investors. We will look back on that as a pivotal moment,” said Mike McGlone.

Given the bad situation between Russia and Ukraine, the cryptocurrency market seems to be regaining its footing. Currently, Bitcoin is trading up according to CoinMarketCap morning data 39,000 won USD and continues to show signs of improvement.

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