• Bitcoin whale transfers $22 million to Kraken, igniting renewed speculation and momentum in the crypto market.
• Analysts suggest ongoing whale deposits may cause short-term sell pressure but maintain an optimistic view.
• BTC’s four consecutive green days hint at strong accumulation and sustained bullish sentiment.

Bitcoin (BTC) is showing renewed signs of resilience. This comes as it experiences renewed on-chain activity. Analysts have drawn particular attention to a whale transaction involving huge deposits on trading platforms. It is anticipated that a short-term trend is unfolding, which will witness a breakout from its current levels.

At press time, BTC is trading at $113,525, with a gain of 1.71% within the last 24 hours. The BTC has a trading volume of $80.62 billion in the 24-hour period. Additionally, its market capitalization stands at $2.25 trillion.

Massive Whale Moves Trigger Bitcoin Speculation

Popular crypto analyst Ted recently highlighted a whale transaction involving an insider Bitcoin wallet that transferred around $22.32 million worth of BTC into the exchange Kraken. As pointed out by this expert, this whale alone has been known to deposit in excess of $627 million worth of Bitcoins into various exchanges since the sharp downturn on October 10.

The whale transactions have been attributed as one of the reasons why BTC has not grown in value relative to conventional markets.

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Bitcoin Trading Strategy Fuels Bullish Outlook

However, Ted still keeps hoping. Note that Bitcoin is now displaying short-term dominance, making four consecutive green days. This indicates a stable buying session, perhaps using a Time-Weighted Average Price (TWAP) approach, where huge buy amounts are broken down into portions to avoid impacting markets.

However, according to Ted, reclaiming the level of $112,000 to $114,000 could be an important factor in BTC’s next move. If it does, it could pave the way for an upcoming rally reaching $118,000.

As momentum begins to build, investors can’t help but wonder if BTC will continue its push higher into new ground. Market analysts are eager to determine if this will be the case.

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