- Some analysts believe that the whale is strategically positioning itself to take advantage.
- Bitcoin (BTC) price failed to uphold its trajectory over the $30K level.
The price of Bitcoin (BTC) is consolidating around the $29,000 range while several altcoins remain bullish. In the midst of this, a Bitcoin whale made a speculative move during the day, depositing 4,451 BTC, worth over $133.7 million, to Binance.
A whale deposited 4,451 $BTC ($133.7M) to #Binance an hour ago.
— Lookonchain (@lookonchain) July 19, 2023
The last time the whale deposited a large amount of $BTC(5,000 $BTC, worth $118M) to #Binance was on Jan 30, and the price of $BTC dropped by ~4.2% after depositing. pic.twitter.com/v5YzDKXYIC
Analyzing the Bitcoin Whale’s Move
This move makes big waves as on January 30 the same whale deposited 5,000 BTC worth $118 million at the time to Binance. Interestingly, following that deposit, the BTC experienced a price drop of approximately 4.2%. This historical precedent has led analysts to closely examine the potential implications of this latest move.
While the exact motivations behind the Bitcoin whale’s deposit remain speculative, several theories have emerged. Some analysts believe that the whale is strategically positioning itself to take advantage of bitcoin price fluctuations or upcoming market developments.
Summing up, with the historical correlation between the previous deposit and a subsequent price drop, market participants eagerly await the outcome of this latest move. Furthermore, the simultaneous occurrence of Binance’s quarterly burn adds an additional layer of intrigue to the situation, making it a focal point for both analysts and cryptocurrency enthusiasts alike.
Will Bitcoin (BTC) Price Drop Further?
Bitcoin (BTC) 24H Price Chart (Souce:TradingView)
At the time of writing, Bitcoin (BTC) traded at $29,822, reflecting a modest downtick of 0.10%. Bitcoin’s market volatility has been high, causing it to struggle to maintain the $30,000 price level. Moreover, the 24-hour bitcoin trading volume is down 16.98% with the value standing at $12,289,574,633.
