Bitcoin Network Shows High Potential for BTC Price Surge: Analyst

Crypto analyst and trader Ali Martinez has taken to Twitter to share some positive news about the Bitcoin network as it continues to expand.

He believes that this could be a big potential impulse for Bitcoin’s price growth.

Half billion new wallets set up

A tweet published by Martinez says that the number of new Bitcoin wallets that has recently emerged on the network has hit around 512,000. The expert also shared a screenshot from Glassnode to illustrate this.

He commented that this growth means a higher user adoption of BTC and, therefore, this indicates a potential price increase coming, since this is a sign of higher demand for the flagship cryptocurrency: “high demand = heightened price potential.”

#Bitcoin network continues growing, hitting a higher high of 512K new addresses. Rising user adoption in a #crypto like #BTC typically signals potential price increases.

In essence, more wallets = high demand = heightened price potential! 🚀 pic.twitter.com/fFuMHvockr

— Ali (@ali_charts) April 11, 2023

Whale sells 11,000 BTC as price surges

According to a tweet by “Smart Money” tracker @lookonchain, yesterday, a whale sold a massive amount of Bitcoin right after the price of BTC topped the $30,000 level.

Initially (the exact date was not provided by the source), this whale bought 46,542 Bitcoins (worth almost one billion USD) on Bitfinex. He bought that at an average price of $20,083. Later, he sold 36,500 BTC from that stash on the same exchange at $28,039.

An hour before the tweet’s release, this “smart whale” sent 11,000 Bitcoins to Bitfinex and sold that for $330 million after Bitcoin surged above the $30,000 level for the first time in 10 months. The price growth happened on the back of the news about the CPI value that was released on April 13, dropping to 5% versus 5.2% expected by analysts.

A smart whale transferred 11K $BTC ($330M) to #Bitfinex 1 hr ago.

The whale received 46,542 $BTC ($935M ) from #Bitfinex at an average price of $20,083.

Then transferred 36.5K ($1B) to #Bitfinex at a price of $28,039.

Currently holds 10,042 $BTC ($304M ), the profit is $390M. pic.twitter.com/0b5AFFwr3f

— Lookonchain (@lookonchain) April 12, 2023

$710 million in Bitcoin on move

On April 12, Santiment on-chain data vendor reported that it had detected a Bitcoin transfer carrying 23,500 BTC evaluated at roughly $710 million. The analytics company marked it as the fourth biggest BTC transfer this year so far.

At the time of writing, Bitcoin is sitting slightly above yesterday’s high, trading at the $30,166 level.