Crypto Whale at Binance Makes $24 Million from WBTC Trades as Experts Anticipate Bitcoin Price Raise

Wrapped Bitcoin (WBTC) trading has been quite profitable for a prominent cryptocurrency whale. The WBTC token is an ERC-20 coin that is directly linked to the price of Bitcoin and has its backing in a 1:1 ratio.

The trader deposited 1,957 WBTC tokens (worth roughly $75 million at the time of deposit) into the prominent cryptocurrency exchange Binance using three separate wallets, according to on-chain monitoring service Lookonchain.

The whale made $24 million, with one of its three wallets generating $11.6 million and the other two making $6.3 million, according to Lookonchain. It did this by buying WBTC at cheap rates and selling them when Bitcoin’s price climbed.

Analysts are optimistic about the flagship cryptocurrency’s price, which coincides with the trader’s actions. Credible Crypto, one trader, has speculated that Bitcoin may be nearing the end of a corrective wave four, based on the price’s recent correction and the formation of an ascending triangle pattern on the lower time frame.

The commodity seems to be beginning to consolidate before its price rises higher, and rising triangles are “often found in wave fours,” according to his remarks. He suggested a possible increase of $44,000.

Renowned crypto expert Michaël van de Poppe has boldly predicted that Bitcoin’s value would skyrocket to $400,000 in the future. He bases his prediction on historical data from bull market cycles and the law of diminishing returns.

He points out that Bitcoin soared from $3,000 to $69,000 in the last cycle. He says, this improvement proves that declining returns do not always imply worse results in succeeding cycles.

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