Massive Bitcoin Exit from Exchanges! What Is This Indicator Of?

Bitcoin (BTC) has experienced record-breaking stock market exits. However, crypto analyst Lark Davis says that mega OG whales are hoarding Bitcoin right now.

“Bitcoin (BTC) biggest buyers are mega OG whales”

Lark Davis, a popular crypto analyst, says the biggest Bitcoin buyers right now are “mega OG whales.” He notes that these whales are people with less than 1 BTC. He also states that the current environment is the last opportunity to get a full coin.

To prove his claim, the Twitter user shares a screenshot of Bitcoin’s latest stock market launch. By saying ‘probably nothing’, he is implying that it is a different situation. He emphasizes that some people understand that there will be only 21 million BTC in circulation. In this context, he states that they get a slice of the pie before it’s too late. Lark Davis says:

Record BTC output from exchanges!

The crypto analyst also shows a chart showing that the Bitcoin balance on exchanges is still declining. According to the chart shared by the famous crypto phenomenon, almost 150 thousand BTC left the exchanges with the largest recorded BTC exchange exit. Based on this, Davis notes:

Largest Bitcoin exchange outflow on record. Probably nothing…

Is the leading crypto the 10k dollar passenger?

Recent statements by Davis suggest that the question of whether Bitcoin will reach $10,000 should not be the primary emphasis. Instead, it is necessary to focus on the downtrend line that has been developing since 2017. The analyst makes a statement for his comments. “The ongoing bear market has been able to challenge many of the historical patterns,” he says.

AmkNews.comAs you follow, the price of Bitcoin fell below $ 18,000 on June 18. As you know, in December 2020, Bitcoin was at the level of $ 17,569. Later, the bears managed to push Bitcoin down to $17,592 in an attempt to retest this low. According to Davis, if sellers fail to break below this level, buyers are likely to push prices higher until a $21,000 resistance wall is reached. The analyst makes the following reminder for this:

Bitcoin is coming out of the triangle! Watch for key resistance near the purple box at $21,800.

At press time, Bitcoin was trading at $19,608, down 0.95% on a daily basis. The leading crypto has lost around 5% on a weekly basis. Although BTC has climbed above the psychological level of $ 20 thousand in recent days, it cannot hold on. We have come from the days when 100 thousand dollars were spoken to the days when 10 thousand dollars were spoken. Time will tell what will happen next.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.