Bitcoin Price Prediction as $10 Billion Trading Volume Floods In On the Weekend – Are Whales Buying?
Bitcoin has experienced a significant surge, reaching the $31,250 level and marking a nearly 15% increase in its value.
This dramatic uptrend has caught the attention of investors and analysts alike, leading to speculation about continuing this bullish trend.
With a massive influx of trading volume, reaching $10 billion over the weekend, the question arises: Are whales buying into Bitcoin and fueling its upward momentum?
In this Bitcoin price prediction, we will explore the current state of Bitcoin's price and analyze potential future price action.
An esteemed on-chain analyst, Ki Young Ju, CEO and founder of CryptoQuant, shares a valuable "pro tip" for tracking whale activity in the cryptocurrency market.
According to Ki Young Ju, monitoring BTC whales on low-liquidity exchanges is more effective than popular platforms like Binance.
By focusing on exchanges with limited liquidity depth, investors can identify significant whale-driven transactions and gain valuable insights into market movements.
Ki Young Ju provides examples of trades from futures trading platforms such as Huobi, BitMEX, ByBit, Deribit, and OKX to support his recommendation.
During the accumulation period in January 2023, when Bitcoin (BTC) traded sideways between $16,500 and $18,000, whales made notable long positions that laid the groundwork for a subsequent rally.
Specific trades made by whales on Huobi, initiating long positions at $16,819, demonstrate the potential for significant returns even without leveraging.
Analyzing statistics from high-volume exchanges like Binance proved less valuable due to challenges in identifying individual trading behavior amidst substantial trading volume.
The current price of Bitcoin is $30,714, with a trading volume of over
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