According to on-chain analyst Lookonchain, a whale bought 545 BTC around 4:50 EDT on September 4th. At the current price during the time, the whale spent a colossal $30.82 million to buy the recent dip. Bitcoin’s price has been tumbling down since September 3rd, 21:35 EDT – from $58K to $56K.
As predicted earlier, Bitcoin is still trying to keep above the support level of $54K. While many short-term holders are leaving the market, the bigger giants are buying the dip, as they should. At an average price of $56,933, the whale has purchased a total of 862 BTC worth $40.9 million.
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That said, the whale can turn in a massive profit in the long run as the current bitcoin price predictions and MACD technical analysis project a bearish momentum. Any hope for a short-term profit is wimped out. Going by the chart, the MACD level stands at −33.98 with the current MACD line slightly below the signal line. The ongoing trend continues to be downbeat, but the negative histograms and their shrinking sizes might set the stage for a trend reversal soon.
Source: Coinalyze
Traders and investors need to keep an eye on the MACD line moving closer to the Signal line, as trading decisions need to be made accordingly. In the case the lines move further away, traders may buy the dip, while the lines coming closer can also provide a good window of opportunity to buy dips before the MACD line crosses the Signal line, beaconing a trend reversal. Investors who are unsure of the market and wish to make the most profit off their Bitcoin portfolio can probably ‘HODL’ further, as a trend reversal is oncoming. This creates an excellent opportunity to sell if traders wish to get their hands on instant profit in the short term. Bitcoin can hit the $ 67,765 mark in five days if a trend reversal is set in 24 hours.
Disclaimer: This article is for informational purposes only and does not constitute any financial, trading or investment advice. Please do your own research or get in touch with a professional before making any investments.