Benjamin Cowen: Bitcoin Whale Behavior Could Signal BTC Bottom

A top crypto market analyst, Benjamin Cowen, examining Bitcoin (BTC) whale behavior to understand when the next uptick could happen for the leading digital asset.

In a recent video update, the analyst shared with his 721K YouTube subscribers that he is close following how the largest BTC holders are moving their coins, as they seems to be good at understanding when the bottom is in.

“I’m keeping a close eye on these wallets because they’ve marked bottoms before. If you look at when did they first get into the market, a lot of these wallets you can see their first (entry) was back in December of 2018…

That marked the bottom. A lot of Bitcoin transferred in at the bottom.”

According to the crypto expert, a lot of the whale wallets have been quiet until July last year.

“They didn’t do anything until July of 2021 at around $31k…

It’s not the exact bottom but it’s close enough.”

Cowen notes that ‘whale watching’ might be useful, as whales making large purchases, could provide signals of markets moving up.

“I think it’s interesting to keep tabs on these because if one day the market seems relatively uneventful, or if you do see some type of sell-off, and then you see these wallets come in with another huge buy, maybe that’s something to take note of.

I think it’s one of those things worth following. Interesting to follow the whales, see what the whales are doing.”