Some Bitcoin investors might be alarmed by the fact that Bitcoin dropped to its lowest this year. Some might think that it’s time to sell their Bitcoin to cut their losses or to give up completely. But for whales, it seems that it’s an opportunity to buy low.
Remember Mike Novogratz saying that Bitcoin may have already bottomed? Bitcoin was trading around $6,200 to $6,500 for a couple of months showing stability when he mentioned this. It was viewed as the market was maturing and people are holding on to their Bitcoin hoping to see another bull run that mimics the 2017 price movement of Bitcoin and other cryptocurrencies. Bitcoin was trading at around $1,000 during the start of last year when it went all the way near $20K.
Whales Buying Low?
Should you still be holding on to your Bitcoin? Based on the way Bitcoin whales are behaving, it seems that you should be holding on to your bitcoin. Following Twitter account @Whalewatchio shows how massive amounts of Bitcoin are being transferred. But in the last 24 hours, it seems that whales are moving funds into their wallet.
For instance, 109,234 Bitcoin worth around $618,182,514 was transferred from Binance wallet to an unknown wallet. Then, there were also other transfers including 10,000 BTC moving from Bitfinex, 8,000 BTC from Binance, and 2,000 BTC from Binance all moving towards different unknown wallets.
Is A Bull Run Coming?
Now, considering the movement, will there be a bull run coming? There are experts who believe that a crypto bull run is on its way. However, different crypto experts have different predictions as to when this is going to happen.
Tom Lee believes that it is possible for Bitcoin to reach $25K by December. On the other hand, there are those who are saying that it will have to wait a couple of more months. If you are going to ask Brian Kelly, he believes that it the price slump is only a short-term event.
He said that “After some real quiet period, lowest volatility, almost in Bitcoin history, all of a sudden today things exploded, so what happened? Bitcoin Cash, which forked off of Bitcoin last year, is doing a hard fork. Now, when you do a hard fork, everybody usually agrees. But in this particular case, everybody is not agreeing”. He even described this event as a “crypto civil war”.
Then, you also have other factors that you need to consider. For instance, the tech stocks sell off is believed to have affected the crypto market as well.
Should You Buy or Sell?
Though there is really FUD in the air after the hard fork, it is a question in a lot of investors’ mind whether or not to buy or sell Bitcoin. But of course, it isn’t just one event that has affected the price of Bitcoin. And truly, it is possible that it is only a short-term event. And for this reason, the movement of Bitcoin moving into Whale’s wallets is a sign that you might want to buy it now when it is still low.