Whales are regarded to be the movers and shakers of the market. This mostly through whale manipulation. Over the years, they have led to price pumps or dumps.
They do so through whale manipulation. Buying up to create demand and dumping when retail investors flock.
Now that Bitcoin is set for a major event over the next couple of days, they are beginning to surface. So, which direction will they swing the market?
Bitcoin is trading at a critical position. With the halving now just days away, many are keen to see which direction Bitcoin takes. Most are already convinced itâs headed up especially now that the whales are making entry.
According to a post shared by analyst Lisa N Edwards, Bitcoin has entered a famous whale manipulation zone.
During this period, we expect that there will be plenty of accumulation from whales. This as they expect a rally over the coming weeks, triggered by its halving.
The demand for Bitcoin by whales has further been confirmed by the entry of institutional investors. According to a report by GrayscaleÂ shows that they have bought millions in Bitcoin in the 1st quarter of 2020
For the short term, this will lead to Bitcoin sticking around the current range of $7,500. A gradual increase in demand, will however ultimately lead to an increase in the price.
For altcoins, the slack in Bitcoin at the current range could be great news. As volatility drops in the short term, investors will begin dominating them. This will increase demand and prices.
Whale Manipulation: Cuban Owns Bitcoin
Speaking of whale manipulation, it has become apparent that Shark Tankâs Mark Cuban owns Bitcoin.
Despite being a critic of the digital asset and famously noting that he prefers having bananas over Bitcoin, the famous entrepreneur owns a substantial amount of it.
In an interview with prominent analyst Anthony Pompliano, he revealed that through his team Dallas Mavericks, he has received around $130 in Bitcoin.
âWeâve put it up for the Mavs. We did it originally four years ago and no one bought anything. Now weâre taking Bitcoinâplease, go buy everything in Bitcoin. Iâm fine with that, right? I think weâve brought in $130.â
This while different has been a type of whale manipulation where the whale advises retail investors not to be involved in Bitcoin. In the meantime, they are buying.