Whales Are Pushing Bitcoin Up To The 10K Level Mark: What Will Happen To The Price Next?
For the past week, Bitcoin has remained in the price range below $10,000. The price jump up, which crypto enthusiasts reckon so much, has dragged on in time and looks like it is again being put off into the “farthest box”. Although the price of Bitcoin has increased by 1.5%, cryptanalysts are not sure that the crypto asset has enough technical strength to make a breakthrough.
Why is Bitcoin lethargic?
Many financial experts are trying to figure out why the price of Bitcoin has stalled because previous experience shows that after the previous crypto asset halving, its rate tended to rise. They highlighted several aspects that keep Bitcoin in the lethargic movement.
First of all, this is due to the trading activity of participants in the cryptocurrency market. Bitcoins at a price above $10,000 are not yet ready to buy, and this creates a kind of market vacuum when the asset rate is purposefully kept in an acceptable price range. Analysts also point out that Bitcoin cannot yet leap up, because its mempool is not full. This happened as a result of the liquidation of short deals worth $14 million.
Transaction of 130,000 Bitcoins: whales activated
Large players in the cryptocurrency market are trying to push the price of Bitcoin up. In particular, the crypto community recently stirred up news that a whale made a transaction of 130,000 Bitcoins in just a few minutes. This transfer was made to several anonymous wallets. Given the current Bitcoin exchange rate, this transaction was made for $1.3 billion.
Bitcoin still holds the lead
Despite the current turbulence of Bitcoin, the crypto asset in 2020 demonstrated its viability. Compared to other cryptocurrencies and traditional assets, Bitcoin is doing relatively well.
To make sure that Bitcoin is afloat and is still a profitable asset, analysts suggest comparing the position of the cryptocurrency with gold. In particular, the leading financial expert Willy Woo acts as a sincere lawyer for Bitcoin. He noted:
“If you had invested $1 in gold in 2019, for the profit you could buy only a bar of chocolate. But if you invested $1 in Bitcoin, you could already buy a new yacht for traveling.”
But some moments overshadow the position of cryptocurrency and Bitcoin in particular. This is due to the growth of fraudulent activities around digital currency. Cryptocurrency laundering is far from a new phenomenon in this market. Although the crypto community is trying to solve the issue of criminal financial schemes, this problem remains relevant.