The Whale Shadows indicator hinted at a possible drop in bitcoin price
- August 30, 2022
- 0
About 5,000 BTC, which have been “hibernating” for the past 7-9 years, have started to move. This was announced by the founder of Look Into Bitcoin Philip Swift
About 5,000 BTC, which have been “hibernating” for the past 7-9 years, have started to move. This was announced by the founder of Look Into Bitcoin Philip Swift with reference to the data of the Whale Shadows indicator.
1/ Here we go again. Another 5000BTC, which has been dormant for 7-9 years, has moved again today. Just like yesterday. See previous tweets.
Live chart: https://t.co/GoCUB7EDLR pic.twitter.com/KRmHWvmTKk
— Philip Swift (@PositiveCrypto) 30 August 2022
The on-chain tool’s description states that historically, such bursts of activity precede significant fixes. This is clearly demonstrated in the graphic attached to the next tweet.
2/ A reminder of why it’s notable. A previous timeline showing that coins of that size or more were moved that are that old.
Live chart: https://t.co/GoCUB7EDLR pic.twitter.com/oun45sxibC
— Philip Swift (@PositiveCrypto) 30 August 2022
At the time of writing, bitcoin is trading in the $20,450 region, and its price has dropped 4.3% over the past seven days. The total capitalization of the cryptocurrency market is ~$1 trillion.
Earlier, Charles Edwards, head of Capriole Investments, noted the passing of bitcoin miners’ capitulation phase.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
