BITCOIN MAY REVISIT 8K LEVEL | TVC WHAT'S UP WITH CRYPTO

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CREDIT TO SOURCE:

https://www.forbes.com/sites/youngjoseph/2020/09/05/bitcoin-price-march/#42e4c1cc3657

EXCERPTS:

According to market data, major whales are bidding Bitcoin at around $8,800. That level is technically important because it marked the start of a new bull run in June.

After five weeks of consolidation above $8,800, Bitcoin went on to surge to $12,468 at its yearly peak on Binance. Whales are eyeing the $8,800 macro support as a possible short-term target for BTC.

Large holders, also known as whales, tend to mark tops and bottoms because they seek significant liquidity. As an example, data from Whalemap showed that a whale who purchased nearly 9,000 BTC in 2018 took profit at $12,000.

The whale held onto the BTC and took profit after two years, marking a local top. Whether how much of the 9,000 BTC the whale sold remains unclear. The point is that whales have often marked local tops and bottoms for BTC.

Cole Garner, an on-chain analyst, shared a chart that showed Bitfinex traders are bidding $8,800.

“Smart money has their bids sitting at $8,800. I expect the bottom will likely be around there,” the analyst said.
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