A Bitcoin whale who seems to emerge right before major market selloffs has reappeared.
The whale’s Bitcoin wallet just received 6,000 BTC worth $56 million. As noted by a prominent crypto analyst who goes by the name Capo, the wallet has received large amounts of BTC right before major market pullbacks at least six times in the past.
“These are the times that the BTC wallet (3PzdbAwvDJ1MiE87J468MQHtK1CjBbhi8y) received supply. Last time was today. Draw your own conclusions.”
The analyst says he doubts the address is linked with a cryptocurrency exchange due to the relatively slow pace at which it receives BTC. He believes it’s more likely an investor or fund preparing to sell.
“He receives BTC, he sells BTC. [There’s a] correlation between incoming transfers and price. I don’t think it’s an exchange. Exchange wallets have many more transfers.”
From a technical perspective, crypto analyst Michaël van de Poppe believes BTC may be turning resistance at $9,000 into support. He says Bitcoin now needs to hold above $9,314 to avoid another move to the downside.
“Holding green for a decent support/resistance flip and I think we can see continuation towards the range highs. Losing this green zone and I think we’ll hit $8,900-9,000 for a test.”