The CEO of financial advisory giant deVere Group, Nigel Green, says that recent activity by Bitcoin (BTC) whales is making him bullish on the flagship crypto asset.
According to Green, one of the reasons he is bullish is that Bitcoin whales could be preparing to jump back into the market after a period of selling.
“One reason is that I’m ‘whale watching.’ Whales are investors who are giant crypto holders, holding enough assets to have the potential to move currency valuations.
In recent weeks, whales have been selling which has the effect of bringing down the market price as others get spooked and panic-sell. This then allows the big players to buy back more, and cheaper, down the track.
I sense that they are preparing to make their moves to buy and top-up their holdings in the coming weeks.”
The deVere Group CEO says that over the past four weeks, the number of Bitcoin whale addresses has increased.
“Also, there’s other noticeable whale activity taking place. The number of new wallets holding between 10,000 and 100,000 Bitcoins has jumped by 103 in the last 30 days.”
According to Green, Bitcoin and other leading crypto assets are currently selling at a discount and possess upside potential.
“Despite the recent turbulence, I believe that the trajectory of Bitcoin and other major cryptos is upwards. This is why I view the current dip as a discount.”
Bitcoin is trading at $21,300 at time of writing, up by nearly 10% over the past 24 hours.
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