Bitcoin price (BTC) surged to $ 48,000 on February 9 and has been consolidating ever since. Material indicators analysts found that whales were the main drivers of growth.

This is largely a bullish signal. The likelihood of a Bitcoin spike will increase when retail investors enter the market en masse as both spot markets and derivatives heat up.

Why is the whale raising the price of bitcoin?
In recent months, the so-called “giant whales” have sold bitcoins in large quantities ranging from $ 33,000 to $ 40,000.

Orders between $ 1 million and $ 10 million have skyrocketed on major cryptocurrency exchanges including Binance.

But when the bitcoin price began to hold above $ 33,000 after adjusting from $ 40,000, buyer demand for whales increased again.

Material Scientist analysts said the whales were unusually large, about $ 150 million in 24 hours.

This calculation shows that the whales are constantly accumulating bitcoins after the news that Tesla bought bitcoins for $ 1.5 billion. They said:

“After all, the whales are still leading the way, and they are so big! Why is there so much blue, you might ask. Bc whales that have an unusually large net size of ABS ($ 150 million in the last 24 hours)! They usually represent only “a small fraction of the total number of cardiovascular diseases, but now they make up the majority. So the move to $ 50,000 was almost entirely driven by whales! ” ‘

CVD data for bitcoin whales. Source: material indicators.
why now?
Analysts say the frenzy over public companies holding bitcoins is creating positive market sentiment for the dominant cryptocurrency.

Filbfilb, a pseudonymous bitcoin retailer, said shareholders in the current economic environment are likely to demand that public companies provide security after Tesla canceled its bitcoin contract.

Additionally, Raoul Pal, CEO of Real Vision Group, confirmed that Bitcoin is still in the early stages of recovery.

In terms of prevailing awareness, there is still a low level of Bitcoin awareness among ordinary investors. In 2017, many retail investors rushed to buy bitcoin. The friend explained:

“Today I called my oldest and best friend I know when I was 6 years old. Some of them are rich, while others are struggling. Only 2 bitcoins own 12 and I have been asking and begging for a year. On the other hand, the yoga teacher keeps asking for payments in Bitcoin!

Source: CoinTelegraph