Bitcoin bullish signal via BTC whale activity - DeVere Group CEO
The CEO of financial consulting giant deVere Group, Nigel Green, says that recent Bitcoin (BTC) whale activity is driving him bullish on the top crypto asset.
According to Green, one of the reasons he is optimistic is that Bitcoin whales may be preparing to return to the market after a period of selling.
“One reason is that I am “watching whales”. Whales are investors who are huge crypto holders, holding enough assets to potentially move currency valuations.
In recent weeks, the sale of whales has had the effect of driving down the market price as others panic and panic sell. This then allows the big players to buy back more and cheaper.
I feel that they are preparing to make purchases and accumulate holdings in the coming weeks. “
The CEO of deVere Group says that in the past four weeks, the number of Bitcoin whale addresses has increased.
“Also, there is another remarkable whale activity going on. The number of new wallets holding between 10,000 and 100,000 Bitcoins has increased to 103 in the last 30 days.”
According to Green, Bitcoin and other top crypto assets are currently bearish and have upside potential.
“Despite the recent turmoil, I believe the trajectory of Bitcoin and other major cryptocurrencies is upward. This is why I view the current drop as a bearish one. "
Bitcoin is trading at $21,300 at press time, up nearly 10% over the past 24 hours.
Sep 10, 2022