Bitcoin Whale Is Buying the Dip! Crypto Trader Predicts $62k for BTC Next

A whale known as “Whale bc1qg” has been making compelling moves for about four days. According to data from SpotOnChain, this whale bought approximately

A Bitcoin whale, known as “Whale bc1qg,” has been making compelling moves for about four days. According to data from SpotOnChain, this whale bought approximately 1,381 BTC in the last 4 days from Binance.

The whale’s purchase comes at a very critical juncture as Bitcoin flutters around a demanding support level. However, crypto expert WorldofChart shared his prediction, claiming that Bitcoin will only start a bullish wave after it breaks the falling wedge resistance of 57k.

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Whale Activity and Market Impact

The whale’s purchase spans eight separate transactions on Binance, bringing the total amount spent to $78.25 million. Notably, the average withdrawal price for these transactions is $55,664.

Most significantly, 478.339 BTC were accumulated within the past 20 hours at an average price of $56,130 ($26.85 million). The latest transaction involved a withdrawal of 236.129 BTC at $55,806.

These large-scale buys, especially from the sell-side, often reduce sell-side liquidity. As a result, this can increase buy pressure as fewer coins are available for sale, amplifying the potential for a price rally. Furthermore, whale accumulation typically indicates long-term confidence in Bitcoin’s price performance.

Bitcoin Testing Key Support Levels

Crypto analyst WorldofCharts informed his followers that Bitcoin is currently testing the $55,300-$55,600 support zone, a demanding area for the cryptocurrency’s next move.

The analyst stated that Bitcoin is moving within a falling wedge pattern, and if Bitcoin holds this support, the price could bounce toward the wedge’s upper resistance around $57,000.

“Bitcoin will only start a bullish wave after breaking the falling wedge and can test the $61,000-$62,000 area,” explained WorldofCharts in a tweet. This forecast aligns with the whale’s large withdrawal, suggesting confidence in a potential price surge.

Finally, Bitcoin is poised to break above the $57,000 resistance level; it is expected to target the $61,000-$62,000 range, as predicted by WorldofCharts. This price movement would complete the falling wedge breakout and mark the beginning of a new bullish wave.

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