Dormant Bitcoin Whale Resurfaces with Major Purchase on Binance
A dormant Bitcoin whale has reactivated by purchasing 100 BTC for $8.33 million on Binance. Analyst Michael van de Poppe suggests a potential all-time high for Bitcoin driven by increasing M2 money supply. Binance CEO Richard Teng predicts that early buyers of Bitcoin will benefit from future price increases, echoing sentiments from former CEO Changpeng Zhao about significant future valuations.
A Bitcoin whale, dormant for two years, has resumed activity by purchasing 100 Bitcoins for $8.33 million on Binance, the leading cryptocurrency exchange. This transaction included two transfers from a Binance hot wallet, one for the full amount and another for $834. These movements were highlighted by the analytics account @lookonchain on X, emphasizing the whale’s notable return to the market.
In related news, cryptocurrency analyst Michael van de Poppe has suggested the potential for a new Bitcoin all-time high, indicating it could occur within the next quarter. His analysis reveals a correlation between the rising M2 money supply, which encompasses cash and bank deposits, and Bitcoin prices. Van de Poppe noted that historically, increases in M2 have preceded price surges in Bitcoin, leading to the anticipation of significant price movements in the upcoming months.
Moreover, Binance’s CEO, Richard Teng, recently projected that early adopters, such as countries and corporations investing in Bitcoin now, will ultimately benefit from its future rise. He warned that those delaying their purchase will likely face elevated prices later. This statement aligns with previous remarks from former CEO Changpeng Zhao, who highlighted a future where governments are sure to buy Bitcoin, and suggested that the cryptocurrency could eventually reach a price level of $1 million.
The resurgence of a dormant Bitcoin whale, purchasing a significant amount of Bitcoin, alongside predictions from cryptocurrency leaders, highlights a potentially pivotal phase for Bitcoin in the market. The correlation between the M2 money supply and Bitcoin prices may suggest an imminent price surge. Financial experts further indicate the importance of early investment, emphasizing the advantages for those entering the market now before prices escalate.
Original Source: u.today
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