Bitcoin

Mega OG Whales Pile Up Bitcoin, Claims Lark Davis! How Will This Impact BTC Price?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 5, 2022

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As the crypto winter deepens, trust within Bitcoin whales remains strong. The world’s first cryptocurrency is currently valued at $20,216 with a surge of 5.81% in the last 24hrs

Lark Davis, a prominent crypto fan, tweeted that the biggest buyers of Bitcoin at the moment are “mega OG whales” and those with below 1 BTC realize this will be their last chance to get a whole coin.

To defend his statement, the Twitter user shared an image of Bitcoin’s most recent exchange withdrawal data, including the sarcastic “maybe nothing.” According to him, only a few people understand that there are only 21 million BTC in existence. These people are attempting to take a part of the currency before it perishes.

Exchanges See A Drop In Bitcoin

Davis further displayed and posted a graph that shows how Bitcoin’s balance on exchanges continues to fall. As per the well-known cryptocurrency advocate, the highest BTC transaction outflow ever observed was around 150K BTC. This is shown in the graph below.

Davis has recently stated that the debate on whether Bitcoin will hit $10,000 in price should never be the major focus. Rather, the focus should be on the negative pattern which has been forming since 2017. He explained his statement as the current market crash has rejected most of its previous patterns.

Following Bitcoin’s price slide under $18,000 on June 18th, bears were successful in dragging it around $17,592 in an effort to revisit the December 2020 bottom of $17,569. If sellers are unsuccessful in breaking lower than this level, then buyers can move prices upward till they reach a potential barrier of $21,000, says Davis.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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