Bitcoin, the speculative asset that has caught everybody’s attention, dipped (April 19) approximately 85% since its all-time high in December 2017. However, it is turning heads, as Bitcoin worth approximately $140 million was moved to wallets in under a few minutes.
In under 18 hours [at press time], approximately 110,030 BTCs from separate wallet addresses were moved to different wallets which was spotted by a Twitter user, Whale Alert. The total BTC was worth approximately $578 million.
In addition, another Twitter user, @_crypto_maniac_ tweeted:
$112,000,000 Million worth of #Bitcoin moved into wallets over last 5 minutes pic.twitter.com/cPvENApuy9
— CryptoManiac101 (NOT GIVING AWAY CRYPTO) (@_Crypto_Maniac_) April 19, 2019
Moreover, Bitcoin has been showing bullish signals in a higher time frame. A BARR Pattern was being formed and if it completes, it could signify a potential bull run for Bitcoin. In addition, the Bitcoin chart in a 4-hour time frame was forming an ascending triangle pattern, which also indicates a bullish pattern.
Furthermore, the CFTC report which was released recently indicated that the institutional money was long on Bitcoin right when Bitcoin surged on April 02, 2019.
On a weekly timeframe, Bitcoin is very close to forming a “Golden Cross”, which usually indicates the start of a bull run. However, there was a fakeout in July 2014 before it actually occurred in July 2015, which propelled Bitcoin to all-time highs.
Combining these results, Bitcoin definitely seems bullish on the higher time frame, this may be a reason why Bitcoin enthusiasts are accumulating Bitcoin even during the dips.
A Twitter user @cotoole2018 commented:
“No Wonder it Took a Million Minutes for me to Move about 100 Bucks worth of $BTC :P”
Another Twitter user, @_Crypto_Maniac_ commented:
“Well they are moving them into wallets, I would assume that they are getting ready for BTC uptrend but that’s just my thought”
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