Bitcoin Whale Moves $211 Million Worth of Bitcoin as Market Conditions Improve

[sirty143]

An anonymous bitcoin whale has moved 40,000 BTC amounting to $211 million from an unknown Bech32 address bc1q9sh6544xls87x7skjzyfhkty4wq7z76vn7qzq9 to another unknown destination wallet with Bech32 address bc1q5shngj24323nsrmxv99st02na6srekfctt30ch in the early hours of today.

The sender reportedly sent his/her entire wallet balance of 40,000BTC which they had held from February 2018 till date and had the 21st richest wallet until 22 April when it dropped to the 22nd richest. It seems the sender was just moving all the BTC from an older wallet to a new one as the receiving wallet had 0 BTC prior to the transaction.

The two wallets having Bech32 addresses is a sign that it has gotten some acceptance already. In 2018, there was some resistance from Bitcoin users about accepting the address format because it was not fully integrated with some wallets and so sending or receiving BTC was a bit of headache. Obviously, those days are behind us now.

Meanwhile, there is a big question involving the BTC movement. Could it have contributed to the current market movement or is it as a result of the current market recovery from the Tether dip? Activation of dormant whale wallets like this has often led to a market surge for Bitcoin, the likes of which actually induced the 2019 market recovery from the 2018 crash.

Bitcoin is currently on an upward move towards $5,400 and is likely to go even higher from there. It is expected to rise as high as $6,000 and actually start a bull run that will be unpredictable. Although the growth has been slow, it has also been quite steady and quite sustained.

The expectation is so high because the surge has been predicted by several key industry persons and Bitcoin has actually demonstrated that it is fully done with the crypto winter when it bounced back after the Tether dip according to Bitcoin bull Tom Lee.

The community and investors can, therefore, expect a huge move any moment from now and who knows? The $6,000 mark may just be a walk in the park for Bitcoin as it drags the altcoins with it.

Source: ZyCrypto