Bitcoin Whale activity is sending a bullish signal for BTC, says deVere Group CEO Nigel Green — here’s why
Financial advisory giant deVere Group CEO Nigel Green says recent Bitcoin (BTC) whale activity makes him bullish on the crypto-asset’s flagship.
According to Green, one of the reasons he is optimistic is that bitcoin whales could be preparing to re-enter the market after a period of selling.
“One reason is that I ‘whale watch’. Whales are investors who are huge crypto holders and hold enough assets to have the potential to move currency valuations.
Whales have sold in recent weeks causing the market price to drop as others are spooked and panicked. This allows the big players to buy back more later and cheaper.
I sense that they are preparing to buy and add to their holdings in the coming weeks.”
The deVere Group CEO says the number of bitcoin whale addresses has increased over the past four weeks.
“There is also other notable whale activity. The number of new wallets with 10,000 to 100,000 bitcoins has increased by 103 in the last 30 days.”
According to Green, Bitcoin and other leading crypto assets are currently selling at a discount and have upside potential.
“Despite the recent turmoil, I believe the trajectory of Bitcoin and other major cryptos is bullish. Therefore, I consider the current decline as a discount.”
Bitcoin is trading at $21,300 at the time of writing, up nearly 10% over the past 24 hours.
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