Bullish: Binance and BitMEX whale open long position

Last Updated: 14 October 2022

There was a bit of a scare yesterday at 2.30pm Dutch time when the new US consumer price index was announced. Indeed, at 8.2 per cent, it fell another 0.1 per cent higher than expected, with everyone now expecting an even more aggressive Federal Reserve.

Whale doesn’t worry

However, there is one whale who is seemingly not worried about this. While the bitcoin price was on a nosedive, this person was actually buying into both Binance and BitMEX. Interestingly, bitcoin actually started a huge uptrend after opening those long positions.

At the time of writing, bitcoin is also trading at $19,500 at higher levels than before the US CPI announcement. There seems to be no real ground for this, except that this whale is thus hugely confident in bitcoin.

The image above shows how the whale completely upset the buy/sell ratio with its massive purchases. That then went up in a straight candle, as did the bitcoin price, which recorded a plus of over 3 per cent for the past 24 hours.

Bitcoin on its way to new all-time high?

It sounds almost unreal to be talking about an all-time high at this point, but popular Twitter analyst Johal Miles dares to. Miles published this chart showing bitcoin’s so-called Hodl Waves a few hours ago.

Hodl Waves indicate how long a certain amount of supply has been at the same address. Currently, according to Johal Miles’ analysis, we are in a phase of “peak hodl”, meaning that many people are currently hodling and holding their bitcoin.

What you often see is that bitcoin starts a new bull market after that. “It almost surprises me that bitcoin’s next macro move is likely to mean new all-time highs,” said an optimistic Johal Miles.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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