Bitcoin accumulators might be buying dips, while most of the community tries to predict the bottom

2019-4-19 18:30

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”

The post Bitcoin accumulators might be buying dips, while most of the community tries to predict the bottom appeared first on AMBCrypto.

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