Bitcoin has always been the dark knight of the crypto world as it has performed in various instances; in some, it has outperformed itself, while in a few, its performance remained below the margin. It has been about 25 days since the cryptocurrency has hit another all-time high, and its price has been lurking in between the $50k-$60k range even now, and it was kind of unsure if or when Bitcoin would make a move to scoring another all-time high. But a metric has come to light that pretty much explains why another all-time high might be expected of Bitcoin shortly.
Bizarre Transactions Taking Place at Bitcoin’s Blockchain Hinting at Another All-Time High
On April 6th, 2021, Bitcoin’s network witnesses second and third-largest single transactions that have happened since the beginning of the year. In a matter of an hour, about 35.2k Bitcoin in the second transaction and about 30k bitcoins in the third transaction were marked by the Blockchain system. The Bitcoin tokens of the mentioned volume were taken from one address and shifted to another, where they did sit for some time before moving to a new one.
All of this entails some bizarrely strange activity going on over Bitcoin’s Blockchain, and it might not be for good at the moment as it still needs to be confirmed. But it is still a metric to look out for, and the current patterns are maybe hinting at the fact that a new all-time high to be scored by Bitcoin might be here finally, and it might happen soon. But other than that, there are no new or permanent details to confide in.
Such a large volume of transactions is known as the whale transactions, and this only points in one direction, which is towards the 2019’s whale transaction that provided Bitcoin with a 200% increase in price, and various financial enthusiasts now hint that the latest whale transactions that have taken place might be able to boost the price of Bitcoin up to $64k in the upcoming days. But at present, these are only theories and probable realizations that points toward an event that might or might not happen, providing past references of the same. But at the end of the day, the crypto market runs on volatility, which is but another sunny day here that might or might not stay for very long.