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Crypto Whale Triggers $50,000,000 Bitcoin Transfer to Binance As Analysts Predict What’s Next for BTC

August 26, 2020

A massive crypto transaction is the latest to cause a stir among crypto traders.

A large, anonymous Bitcoin holder just transferred 4,500 BTC worth more than $50 million for a fee of $22. The transaction was first seen by whale-watching bot Whale Alert.

The wallet of origin has been active since its first BTC balance appeared on February 6th, sending and receiving substantial amounts of Bitcoin in over 160 transactions.

According to the most recent blockchain data, the whale moved the Bitcoin to a wallet owned by crypto exchange Binance, where it could be sold or traded on the open market. Whale Alert works to identify wallets owned by Binance and other crypto institutions and at time of publishing, the address is not known to be associated with Binance or any known organizations in the crypto space.

The huge transfer comes as top crypto strategists are short-term bearish on the leading cryptocurrency.

Trader Michaël van de Poppe tells his following of 50,000 people on Twitter that he sees Bitcoin tapping the range low of $10,800 before creating a bottom structure. Another widely-followed trader, known in the industry as Flood, is also bearish on the top crypto. He predicts a move down to support at $10,500 should BTC break below $11,000.

https://twitter.com/ThinkingUSD/status/1298326879296872450

Crypto analyst Josh Rager also expects further downside for the largest crypto asset. He expects BTC to wick below $10,000. But Rager says he’s not bothered by the pullback as he explains that the number one cryptocurrency has the tendency to print 30% corrections.

https://twitter.com/Josh_Rager/status/1131039202286755845

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens