Eyes on the prize as Bitcoin whale watchers monitor selling during this period

Image source: pixabay - Jaydeep_

While seeing Bitcoin prices dip can be painful to any investor, long-term hodlers are opportunists or just individuals with patience that never go into 'panic' mode. As Bitcoin has broken the $6600 barrier, we are looking at $5500 with strong resistance.

Bitcoin price predictions are as good as gambling while knowing your odds. Taken with a pinch of salt, Longforecast.com sees Bitcoin hitting $3511 in Dec 2018. That would not be a surprise as the launch of tighter market regulation, increased blockchain security, and enhanced network stability will be implemented in the following months. There is hope that market manipulators and illegal activities would be purged from exchanges, and reduce the chances of hacks.

It is unclear at this point if Bitcoin whales are making coordinated coin movements. According to BusinessTimes - AFP, the 100 biggest bitcoin transactions out of 200,000 accounted for 24 percent of the money volumes occurred in a 24-hour period between Monday and Tuesday.

"In the currency market for example it's such a huge market with so many transactions in a day that a pure actor can't have any influence on a market," Craig Erlam, an analyst for Oanda, a currency trading platform, told AFP.
Source: BusinessTimes - AFP

Image source: pixabay - ahobbit

In the last few days, netizens have noticed a 8000 BTC sell-off on the Huobi Exchange from the sixth largest Bitcoin wallet. Source: medium.com - VidrihMarko. I have personally investigated the wallet address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 concluding that it is an active Bitcoin wallet that transacts frequently but has indeed sold off 8000 BTC in the past two weeks.

The observers say that this address has always bought a lot of Bitcoin when the Bitcoin price has fallen sharply (freely translated): The BABI Financial Statistics has found that the account tends to buy Bitcoin if it falls. This account is now the sixth largest wallet in the Bitcoin network. The five largest Bitcoin wallets are all owned by stock exchanges.
Source: medium.com - VidrihMarko

The last Mt. Gox cold wallet movements occurred on 10th May 2018, one month ago when Bitcoin prices reached approx. $9300, so making a total of 4 transactions of 2000 BTC each. This is similar to the sell off a few days ago. Where ever that money went, I am buying in Bitcoin before they do.

-tysler