As the crypto winter deepens, confidence within bitcoin whales is growing stronger. The world’s first cryptocurrency is currently valued at $20,216, up 5.81% in the last 24 hours
A major crypto fan, Lark Davis, tweeted that the biggest buyers of bitcoin at the moment are the “mega OG whales” and those with less than 1 BTC realize this will be their last chance to acquire an entire coin.
To defend his statement, a Twitter user shared an image of bitcoin’s most recent exchange withdrawal data, which includes a sarcastic “probably nothing”. According to him, only a few understand that there are only 21 million BTC in existence. These people are trying to take a part of the currency before it gets destroyed.
See the decline in exchange bitcoin
Davis further displayed and posted a graph that shows how bitcoin balances on exchanges are falling. According to a prominent cryptocurrency advocate, the highest BTC trading outflow ever was around 150K BTC. This is shown in the graph below.
Davies recently stated that the debate over whether the price of bitcoin will ever reach $10,000 should never be a major focus. Rather, the focus should be on the negative pattern that has been forming since 2017. He explained his statement as the current market crash has rejected its previous pattern.
After bitcoin price dropped below $18,000 on June 18, the bears were able to pull it off around $17,592 in an attempt to revisit the December 2020 low of $17,569. If sellers fail to break below this level, buyers can drive prices upward until they reach a potential resistance of $21,000, Davis says.