After the approval of multiple spot ETFs in the US, the largest cryptocurrency Bitcoin (BTC) reversed its downward trend and settled above $48,000, leading to renewed market activity. Following the strong rise, it was observed that some smart investors made millions of dollars.
Smart Investor Earns Big with Strategic Bitcoin Acquisition
On-chain data provider Look On Chain reported that a smart investor recently deposited 300 BTC worth $14.43 million into the leading cryptocurrency exchange Binance. Thanks to this strategic purchase, the investor made a profit of $2.78 million in just three weeks.
According to the data, the smart investor bought 300 BTC when Bitcoin’s price fell below $39,000 on January 23rd. At that time, this purchase seemed like a risky move, but it actually corresponded to buying near the bottom. Indeed, the price of the largest cryptocurrency jumped on the same day after a pullback to $38,500 and soon rose above the $40,000 threshold, starting an uptrend.
Current Bitcoin Status
According to data from CoinMarketCap, Bitcoin is trading at $48,053, down 0.41% in the last 24 hours. During the same time frame, Bitcoin’s trading volume increased by 1.22%, reaching $18.94 billion. The data shows that BTC has risen by 12.43% in the last 7 days and by 3.91% in the last 30 days.
Popular cryptocurrency analyst Ali Martinez noted that Bitcoin whales are in a buying frenzy, accumulating 140,000 BTC worth over $6.16 billion in just the last three weeks. Martinez added that despite persistent skepticism surrounding Bitcoin, it is crucial to acknowledge the resilience of support levels that could overcome resistance ahead of the price.
Even though a temporary price correction is on the table, the next significant resistance level for BTC in a higher time frame is at a considerably higher point, at the $57,000 level. This suggests that the next upward move for Bitcoin could be the catalyst for a much stronger rise.