Bitcoin recently attained significant traction within the broader crypto market as the coin saw multiple whale transfers to crypto exchange Coinbase. The whale transfers orbiting Bitcoin totaled the reshuffling of a whopping 7,200 coins, stirring speculations among crypto market enthusiasts as the market stalled near $42K.
However, a leading crypto analyst shared positive sentiments on the BTC price drop, shedding light on a potential bull run ahead.
Whale Transactions Orbiting BTC
According to the data revealed by Whale Alert, a platform facilitating blockchain metrics, five noteworthy transactions took place in the past 24 hours. In accordance with the data, unknown wallets appear to have transferred 7200 BTC to the CEX Coinbase in a chain of transactions.
The unknown wallet, 1B31duP63n…JMAtzxnUgz noted the transfer of 2,310 BTC to Coinbase in a series of transfers. Furthermore, another wallet address, 1K9kvhQVMG…RwH2jX8SFn transferred 2,461 BTC to the centralized exchange.
Additionally, the abovementioned transfers were further accompanied by three more whale transactions, shifting 5,995 BTC to Coinbase. The unknown wallets, 1JB7v5GmLm…XttNFhKpRm, 13XXgwfjRr…ujuMRZFx2A, and bc1qsqwp5h…rf3armszq2 were recorded, making the prior stated transfer amid a price drop.
The substantial transfer of Bitcoin to Coinbase reflects a potential increase in the token’s supply, also aligning with the price drop noted by the digital currency today.
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Bitcoin Price To Hit $50K
As of writing, the Bitcoin price noted a drop of 1.04% over the past 24 hours, reaching $42,227.07. Moreover, this drop was further escorted by a weekly fall of 4.42%. The price drop witnessed by Bitcoin today also mirrored the recent transfer of coins to Coinbase.
However, a prominent crypto analyst Michael van de Poppe stressed that the BTC price will continue to rally. He predicts BTC price is ready to break $50K. He further highlighted that December marks an exciting month for cryptocurrencies, hinting toward a potential bull run for Bitcoin ahead.
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