A whale known as “Whale bc1qg” has been making compelling moves for about four days. According to data from SpotOnChain, this whale bought approximately 1,381 BTC in the last 4 days from Binance.
The whale’s purchase comes at a very critical time as Bitcoin flutters around a demanding support level. However, crypto expert WorldofChart shared his prediction, claiming Bitcoin will only start a bullish wave after it breaks the falling wedge resistance of 57k.
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Whale Activity and Market Impact
In the last 4 days, the whale has spent $78.25 million to acquire 1,381 BTC. This purchase was made in eight separate transactions from Binance, averaging a withdrawal price of $55,664.
Most notably, 478.339 BTC was accumulated within the past 20 hours at an average price of $56,130 ($26.85 million). The most recent transaction involved a withdrawal of 236.129 BTC at $55,806.
As a result of these buys, large-scale movements often reduce sell-side liquidity. This can increase buy pressure as fewer coins are available for sale, amplifying the potential for a price rally. Additionally, whale accumulation typically indicates long-term confidence in Bitcoin’s price performance.
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Bitcoin Testing Key Support Levels
Crypto analyst WorldofCharts shared with his followers that Bitcoin is currently testing the $55,300-$55,600 support zone, a demanding area for the cryptocurrency’s next move.
The analyst stated that Bitcoin is moving within a falling wedge pattern, and if Bitcoin holds this support, the price could bounce toward the wedge’s upper resistance around $57,000.
WorldofCharts explained in a tweet, “Bitcoin will only start a bullish wave after breaking the falling wedge and can test the $61,000-$62,000 area.” This forecast aligns with the whale’s large withdrawal, suggesting confidence in a potential price surge.
Finally, Bitcoin is poised to break above the $57,000 resistance level; it is expected to target the $61,000-$62,000 range, as predicted by WorldofCharts. This price movement would complete the falling wedge breakout and mark the beginning of a new bullish wave.
Read Also: Here’s What Bitcoin Bulls Need To Do For a BTC Rally To $68K
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