Bitcoin (BTC) Whales and bulls may not live in close proximity in the outside world, but in the cryptocurrency realm, they are the best of friends. Ever since the current Bitcoin [BTC] bull run surfaced, the whales have been buoyantly active and have amassed huge profits.
Charted out by CryptoMedication, better known as ProofofResearch on Twitter, the ZeroNonCense researcher laid out the lucrative gains of the whales since the Bitcoin [BTC] ascendance began. Despite the large margins, he stated that he was “confident” in the research, but maintained that the “whales have already exited” after cashing in their quick, but large gains.
Bitcoin [BTC] bulls rampaged the market in early April, when the king coin saw its highest daily gain in over a day on April 2, recording over 15 percent positive price swing. However, due to the lack of a concrete source, the pump was seen as a one-off, hence the bullish swings of May painted a more telling tale of the bull-run.
May began with Bitcoin [BTC] above $5,000, breaking $6,000 on May 9 and $7,000 three days later. With $8,000 proving to be a test for the top cryptocurrency, breaking the ceiling and falling back down, triggering a pull-back, the current positive movements poise Bitcoin [BTC] for another $8,000 incline.
Given the rapid May rise, with the press time price 30 percent over the price at the beginning of the month, CryptoMedication, laid out the bottom at $5,462. In a matter of weeks, the whales managed to amass a 31.89 percent profit, if they managed to sell the top coin at $8,020.62, the price prior to the pullback last week.
On the flipside, the ceiling placed by CryptoMedication is $9,034, which many in the industry expected Bitcoin[BTC] to surge past given the incline on which it was trading. In comparison to the aforementioned price, $8,020 is around 12.64 percent below the same.
Additionally, the Relative Strength Index [RSI] indicates that after a dip from the “overbought” zone above 70, the index is looking to move into the same once again, following the May 19 bullish action.
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