Bitcoin whales are back, wanting to push BTC price higher
- Bitcoin whales are now active, making transactions exceeding $1 million in BTC over the past three days.
- Proponents believe massive whale transactions could push Bitcoin price above $45,000.
- Analysts have a bullish outlook on Bitcoin, set a target of $50,000 for the cryptocurrency.
Bitcoin price awaits trigger, as it hovers between $43,000 and $45,000. Whale transactions on the network exceeding $1 million hit a peak over the past three days, fueling a bullish outlook among investors.
Bitcoin price rallies as whales make massive transactions
For the first time in three months, there were 13,400 Bitcoin whale transactions exceeding $1 million in value. This is a key milestone for Bitcoin as whale movements are historically followed by a price rally.
Whale transactions are indicative of a rising demand among large wallet investors. A rise in demand fuels a bullish narrative among investors.
Based on data from crypto intelligence platform Santiment, large wallet investors engaged in massive transactions on the Bitcoin network for three consecutive days.
Bitcoin whale transactions exceeding $1 million
Large wallet investors scooped up Bitcoin through the recent consolidation in the crypto market. Massive transactions by whales are associated with new buying power or the redistribution of funds.
@CryptoKaleo, a cryptocurrency analyst and trader evaluated the Bitcoin price trend and set a target of $50,000 for the asset. Kaleo believes that the February 1, 2022 Bitcoin fractal mirrors the current price action and fits the technical narrative. The analyst has a bullish outlook on Bitcoin.
#Bitcoin / $BTC
— K A L E O (@CryptoKaleo) March 3, 2022
Retest $40K, run it back to $50K. pic.twitter.com/sMuEEHF6Sx
FXStreet analysts believe that Bitcoin price could breakout and continue its rally. Bitcoin price target is $50,000 in the ongoing bull run.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
