Bitcoin to hit $64,000? This metric could be the key

By Ekta Mourya2 days ago

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Bitcoin’s price has been below the $61,062-level since mid-March. In fact, the cryptocurrency’s price has remained largely rangebound between $51,695 and $60,000 since then. In other words, it has been over 25 days since the crypto-asset hit a new ATH, with its price rally extending to correspond to a hike in large transactions on the network.

At the press time price level, over 85% HODLers were profitable. Here, what’s interesting is that more than 25% or a fourth of the large HODLers are still holding on to their Bitcoin in their portfolios.

Now, on 6 April 2021, Bitcoin had the 2nd and 3rd-largest single transactions of the year on its network. In a single one-hour window of on-chain volume, two transactions of 35,237 and 30,000 Bitcoins on the network marked the second and the third-largest transactions. The first transfer was to an address that held as many as 66,666 $BTC in 2019 but held 0 in the last 4 months. The tokens were then moved, and a dormant address received 35,237 tokens on the 2nd transfer, where they are sitting currently.

The interesting question is – What do these whale transfers correspond with? In 2019, whale transfers led to an over 200% rally in price. In fact, it is also anticipated that the latest whale transfers may lead to a rally to the $64,000-level.

Second and Third largest whale transactions || Source: Twitter

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