A Bitcoin whale has recently moved 10,000 BTC to Binance. The reason for the transfer is unclear — but could hint at more downside for the cryptocurrency market.
The recent transfer was signaled by Twitter account @whale_alert, which notified the rest of the cryptocurrency community that 10,000 BTC — worth $80M at the time of this writing — has moved from an unknown wallet to the popular Binance cryptocurrency exchange.
Intention to Sell?
While the exact reason for this move is unclear, but it could indicate the investor’s willingness to sell off their bitcoins. With the sluggish price action on the cryptocurrency market leader, investors might be looking to sell earlier rather than later — with expectations in the market that Bitcoin could reach $6,000. Reaching this target would mean that Bitcoin would go through several support levels significant at $7700, $7200, and $7000.
With the increase of Bitcoin transactions to exchanges, whales might be looking to accelerate the potential dump and re-buy lower. However, one can only make assumptions when it comes to the intention of market makers and whales. Furthermore, since the sending wallet is unknown, it is possible that the movement of funds is simply nothing more, and that these particular coins will not be sold.
— Whale Alert (@whale_alert) October 17, 2019
Over the past week, there have been several other alerts with whales moving bitcoins to exchanges. As BeInCrypto has recently reported, one whale moved $24 million worth of Bitcoin to two cryptocurrency exchanges.
Bitcoin Price is Stagnating
Bitcoin’s downward trajectory since reaching $14,000 is suggesting that the largest cryptocurrency could continue to slip lower.
Over the past four weeks, the price action has been stagnant for Bitcoin. The cryptocurrency market leader has been trading in the $7,900-to-$8,400 range since the end of September — and many traders expect an imminent impulse move to the downside.
Do you think a Bitcoin price dump is imminent? What level do you expect to hold? Share your thoughts with us in the comments!
Image courtesy of Twitter.
[Disclaimer: This article is for informational purposes only. It is not financial advice and should not be taken as such. Neither BeInCrypto nor the author is responsible for any investment decisions made after reading this report.]