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Bitcoin whale moves 92,857 BTC — will the BTC price fall?

Crypto giant Xapo has moved 92,857 bitcoin worth US$1,146 billion into two unknown wallets. The motivation for the transaction remains unknown but a security breach is not assumed—Xapo is considered to have a high level of security. With the recent rise in Bitcoin whale activity having a stabilizing effect, analysts predict a new all-time high for Bitcoin if it breaks through the US$14,000 mark.

Olivia McCall

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This picture show some bitcoins on top of some dollars.

Whale Alert has reported the movement of one of the largest Bitcoin whales. The whale moved 92,857 BTC worth US$1,146 billion for a fee of about $3. Data from Whale Alert reveals that crypto-giant Xapo was responsible for the transaction.

About 2 days ago, Xapo sent the aforementioned amount in BTC to two unknown addresses. The reasons for the transfer remain speculative for the time being. Xapo could have transferred funds to its customers’ wallets or moved the funds due to a security breach.

Additional data from BitInfoCharts also show that the sender address only has a remaining amount of 0.0019 BTC. Due to the size of the transaction of over 92,000 BTC, the unknown receiving address is now one of the largest Bitcoin whales ever.

However, no security breach is to be assumed. Xapo is well known for its tight security measures. A year ago it was taken over by Coinbase Custody and has thus become one of the largest custody providers in the crypto market.

Stay up to date with Bitcoin developments and other important financial news by downloading our free companion app, Born2Invest.

Bitcoin price analysis

The activity of the Bitcoin whales has increased in the last few days. Bitcoin has entered a new phase of stability after BTC rose by almost US$2,000 at the end of July and exceeded the US$11,000 mark for the first time in 2020. At the time of writing, the Bitcoin price has reached US$11,750 and recorded losses of 1.39% in the last 24 hours. On the weekly chart the gains are moderate at 2.91%. In contrast, the monthly chart shows a strong gain of 23.57%. The market capitalization is US$215,046,496.

Analysts expect Bitcoin to test the US$12,000 mark again. A rise above this level will be the beginning of a new rally for Bitcoin, according to some analysts. The analyst “il Capo von Crypto” also holds this opinion. Via Twitter, “Il Capo” has shared a prediction. He hopes that Bitcoin can break through the US$14,000 mark and then set course for a new all-time high.

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Other analysts urge caution. Byzantine expects the Bitcoin price to rise further in the short term, but traders should be vigilant and work with intelligently set trade profit settings. It would be fatal to burn the strong short-term profits again.

Byzantine General’s prediction is consistent with a Bloomberg report. Analyst Mike McGlone was optimistic about the BTC price. McGlone said the crypto currency is beginning to consolidate as digital gold and an attractive alternative for investors seeking protection from the inflationary policies of traditional financial institutions.

Traders like Jonny Moe and Josh Rager are also optimistic about Bitcoin. While Rager has identified US$12,000 as an important target, Moe believes Bitcoin will develop similarly to 2019, when Bitcoin doubled its price to US$13,000 in just under 30 days. In addition, Moe believes that Ethereum has an advantage over Bitcoin so far this year.

Chainlink beats Ethereum as biggest winner in the Top 10

LINK is the biggest winner of the last 24 hours. Moe explained that with a price of US$10.60 and gains of 36% and 64% in the weekly and monthly charts, there is no bearish pattern for LINK and LINK will continue to rise in the coming days.

Rager explains that LINK currently shows stronger fundamental data than Ethereum. He has therefore decided to increase his investments in LINK. The trader advised investors to invest in LINK if there is a market pullback, as there has been in recent hours.

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(Featured image by David McBee via Pexels)

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First published in Crypto News Flash, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.