Bitcoin and Wrapped Bitcoin [WBTC] are seeing rising whale activity in the month of March. In the past seven days, BTC large-scale holders are on an accumulation binge, with over 10,000 transactions valued at $100k+ per day.
While WBTC is receiving more than 930, both of these numbers are record-breaking for 2023.
According to the chart illustrated by Santiment, as of March 21, 2023, this is the highest average daily whale activity for BTC in 16 weeks and for WBTC in 15 weeks.
The number of transfers totaling at least $1 million in value that is currently being made on the Bitcoin blockchain is measured by the whale transaction count.
A high value of this metric indicates the presence of a large number of whale transactions on the network. Such a trend demonstrates that these enormous holders are currently actively interested in trading Bitcoins.
Due to the sheer scale of the transactions occurring all at once, this might also cause fluctuations in the asset’s price. As a result, high whale transaction count levels may indicate strong short-term volatility for the asset.
A low value in the whale transaction count, on the other hand, implies that these large-scale hodlers aren’t currently engaging in such activity and may not be very interested in BTC. Consequently, this kind of tendency can come before a market that is more tranquil.
Having said that, in a recent study led by Kaiko, Bitcoin was up 30% in the previous two days and trading at nine-month highs. At press time, BTC has maintained its uptrend at $28.2k.
The recent spike has persisted despite ongoing turmoil in the banking industry and apprehension around the Fed meeting.
BTC’s price resurgence has led many experts to make bold predictions.
Experts Bullish Bet On Bitcoin
In a tweet, Messari CEO Ryan Selkis suggested that Bitcoin might reach $100,000 in the coming year as a result of more bank failures, the resumption of Federal Reserve rate cuts and quantitative easing, as well as persistent moderate inflation.
He also mentioned that businesses might start purchasing bitcoin before the Federal Reserve can stop them.
Former Chief Technical Officer of Coinbase and well-known cryptocurrency enthusiast Balaji Srinivasan is wagering that the value of bitcoin will rise as a result of the weakening of the dollar and will surpass the $1 million mark by June 17.
