A major cryptocurrency whale has managed to make a significant profit trading wrapped Bitcoin (WBTC). WBTC is an ERC-20 token pegged backed by BTC and pegged to its price at a 1:1 ratio.
According to on-chain monitoring firm Lookonchain, the trader used three different wallets to deposit a total of 1,957 WBTC tokens on the leading cryptocurrency exchange Binance, which was worth nearly $75 million at the time of the deposit.
Per Lookonchain, the whale consistently bought WBTC at low prices and sold it when the price of Bitcoin rose to the point it managed to make $24 million in profit, with one of the three wallets it was using making $11.6 million, and the other two making $6.3 million.
The trader’s moves comes at a time in which analysts are bullish on the flagship cryptocurrency’s price, with one trader, Credible Crypto, noting that Bitcoin Bitcoin might be in the later stages of a corrective wave four, pointing to its recent correction and the formation of an ascending triangle pattern on the lower time frame as part of the wave’s structure.
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Per his words ascending triangles are “often found in wave fours” that look like the asset is starting to consolidate, before the asset’s price moves upward. He pointed to a potential surge to $44,000.
Michaël van de Poppe, a renowned crypto analyst, has made a bold prediction about the future of Bitcoin, forecasting a significant surge in its value to a high of $400,000.
His forecast is grounded in the analysis of previous bull market cycles and the principle of diminishing returns.
He notes that in the previous cycle, Bitcoin grew significantly, rising from $3,000 to $69,000. This growth, he argues, indicates that diminishing returns do not necessarily mean a weaker performance in subsequent cycles.
Featured Image via Unsplash
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- Source: https://www.cryptoglobe.com/latest/2023/11/binance-crypto-whale-rakes-in-24-million-from-wbtc-trades-as-analysts-expect-btc-price-rise/
