Bitcoin Whale Addresses Reach One-Year High Amid Russia Invasion of Ukraine.
Following Russia’s invasion of Ukraine that resulted in a dip in Bitcoin price, whale investors saw the fall in price as an opportunity to increase their holding in the popular cryptocurrency.
Since President Vladimir Putin of Russia declared a full-scale invasion of Ukraine, Bitcoin addresses holding between 1,000 and 10,000 BTC have skyrocketed.
According to Santiment Feed, the number of BTC addresses in this category spiked by 8.3% since the invasion started. The number of Bitcoin addresses holding between 1,000 and 10,000 Bitcoin hit 2,203, representing a one-year high.
“The amount of Bitcoin addresses holding 1k to 10k BTC has jumped by 8.3% since the Russia–Ukraine war was made official. The 2,203 addresses are at a 1-yr high,” Santiment tweeted today.
It is worth noting that a movement in the number of addresses holding between 1,000 and 10,000 BTC is a major determinant of price swings.
Investors’ Reactions to the War
Recall that Bitcoin price alongside that of other cryptocurrencies reacted negatively following the Russian invasion of Ukraine commenced.
Many investors feared that the invasion could escalate into World War III given Ukraine’s close relationship with NATO nations.
The development prompted many crypto traders to convert their BTC holdings to stablecoins and the popular yellow metal gold.
Interestingly, while many traders feared that the value of the cryptocurrency could dip further, some whale investors were optimistic, as they continued buying more Bitcoin at low prices.
Favorable BTC Predictions
Bitcoin has risen above its fallen value of below $35,000 since the war started, as more people continue to buy the asset class.
Bitcoin is currently trading above $44,000 at the time of writing, with many hoping that the cryptocurrency would soon break the $45,000 resistance in the coming days.
Meanwhile, the BTC’s recent price movement is suggesting an imminent rally. The move has created tight triangular shapes on the Bitcoin chart, with the asset class mostly trading at the upper end of each triangle.
Using the popular technical analysis technique of Fibonacci extensions, if BTC breaks a high of $45,300 in the coming days, we could expect targets of $50,450 and $54,000, respectively.