U.Today - Bitcoin (BTC) is inching closer to the $100,000 psychological level despite the recent wild fluctuations and volatility on the digital asset market. The coin has maintained higher lows for each retracement, possibly fueling large holders’ interests.
Massive whale transfer sparks speculation
Based on a transaction spotted by Whale Alert, a Bitcoin whale has transferred a massive 3,289 BTC, valued at approximately $318,883,825 to Coinbase (NASDAQ: COIN ). The move has sparked speculation as market participants monitor BTC’s price outlook closely.Notably, when whales move large volumes of assets to exchanges, it signals a potential selling trend. This unidentified whale is likely positioning its Bitcoin in Coinbase in preparation for the coin’s $100,000 flip.
This might be to offload for profit-taking as soon as BTC hits the mark. If the Bitcoin whale is positioning to sell, the action might contribute to any possible trend shift on the market, which may impact the price.
The choice of the exchange has also raised concerns, as Coinbase typically handles big trades. This development suggests a possible large-scale institutional action that, when offloaded, could stun the market.
As of press time, Bitcoin was trading at $97,857.55, reflecting a 1.12% increase in the last 24 hours. Investors are watching the fluctuations, as trading volume dipped slightly by 1.73% to $28.7 billion.
Saylor doubles down on $1 million BTC forecast
Commentary from market experts filled the airwaves as soon as BTC reclaimed $97,000. Long-term Bitcoin evangelist Michael Saylor made a bullish comment on the asset. Saylor believes that Bitcoin will continue to dominate regardless of temporary fluctuations.As reported by U.Today, Saylor recently urged investors to acquire Bitcoin as the asset will soar to $1 million. He strongly believes in the coin’s potential to make staggering price moves in the near future and thinks now is the best time to acquire it.
This article was originally published on U.Today