Bitcoin Whales Increasing At A Growing Rate
Bitcoin is all the talk right now.
The run up to $10,000 put the largest cryptocurrency on track to be the best investment of 2020.
What we saw so far could be just the beginning.
A signal that was issued in 2016 that took BTC from $700 to $20,000 is back. It also signaled the move from $5,000 to $14,000.
Now, it is showing a clear path to all time highs.
This has Bitcoin whales loading up on their favorite token at an increasing pace.
Many question how Bitcoin would hold up given the nature of the global economy at the moment. For whatever reason, it has been following the stock market. The price tanks in mid-March along with the market yet has recovered nicely.
The run to $10,000 is significant only if it can hold above that level.
In the last 24 hours, we saw a pullback towards the $9,500 range.
After such a burst, a bit of consolidation is very healthy. However, it is easy to move into a topping pattern is we are not careful. This would bring on lower levels for Bitcoin.
Whatever the near term move, it is evident that the major Bitcoin players are feeling confident about the longer term prospects going forward. Bigger traders are increasing their positions to take advantage of big moves forward.
With such a tailwind, even a pullback towards $8,000 might not be enough to stop its ascent. This could produce a sling shot effect which blasts the price through the $10,000 level, sending it much higher.
We see the halving take place in the next couple days which throws a lot of uncertainty into the equation. Nobody truly knows what will happen post-halving.
Nevertheless, at some point, things will get back to normal and the current trend will be repeated.
Over the next year, we could easily see new all time highs in Bitocin.