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Crypto Whales Move $242 Million in Bitcoin, Analyst Predicts BTC Burst Beyond $10,000 ‘This Week or Next’

May 28, 2019

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Crypto whale watchers continue to spot huge crypto transfers from some of the biggest Bitcoin holders in existence. A total of 28,025 BTC worth about $242.8 million has moved to new addresses in just the last 24 hours alone.

The biggest single transfer happened about an hour ago, when a whale moved 6,067 BTC between two unknown wallets.

? ? ? ? ? 6,067 #BTC (52,967,923 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/CYOYX6TErm

— Whale Alert (@whale_alert) May 28, 2019

The move followed a series of Bitcoin transactions totaling 13,156 BTC worth $113.6 million from the crypto exchange Kraken to unknown wallets.

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The transfers all happened in just a four-hour time span. Kraken has not announced any planned movements of its assets and none of the wallets are known to be associated with the exchange, which suggests a single trader may have been systematically moving assets to personal, unknown wallets.

Also in the last 24 hours, two crypto whales moved 4,328 BTC worth $37 million and moved 4,474 BTC worth $39 million between unknown wallets. None of the recent activity involved crypto traders moving Bitcoin onto exchanges, indicating the traders are not interested in selling.

As whales manage their assets, crypto analysts are trying to identify whether Bitcoin will break past the psychological barrier of $10,000.

The chief market strategist at ThinkMarkets, Naeem Aslam, says he believes Bitcoin is likely to burst past $10,000 this week or next, reports MarketWatch. His analysis is based on the fact that BTC is above its 50, 100 and 200-day moving averages.

“If you are not ready then get ready, because the bitcoin price is about to blast past the level of $10K, recovering half of its losses from its all-time high, a real embarrassing moment for those who said that the currency will never recover from its losses.

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The moving averages are very important because they define the trend; if the price stays above them, it shows that the uptrend is strong and when it starts to trade below them, then it means a downtrend.

This is what Bitcoin is all about. Never doubt the resilience of the currency and the support it has among the community.”

Nicholas Merten, among other analysts, is predicting a drop once BTC approaches $10K, based on the leading cryptocurrency’s cyclical history of explosive growth followed by major corrections.

https://twitter.com/walter_wyckoff/status/1133100326121287680

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.