Terra may be about to repeat $125M BTC buy that sparked Bitcoin’s run to $43.3K

Bitcoin (BTC), could see a repeat of the week’s run at weekly highs. This week’s run was triggered by Blockchain protocol Terra buying $125 million more BTC.

Unconfirmedly, a wallet believed to belong to Terra sent another USDT (125 million Tether) to Binance on March 23,

For 5.6% BTC price increases, rinse and repeat.

Do Kwon, Terra co-founder and Bitcoin price guru, revealed a plan to support TerraUSD (UST), a new U.S. Dollar stablecoin. This will include Terra’s LUNA token as well as BTC.

He said that $3 billion is required for the buy-in. Udi Wertheimer, commentator, added that most of the purchasing had not yet occurred at the time.

Analysing the presumed wallet supports this thesis. The first transaction of 125 million USDT went to Binance on March 21. BTC/USD rose around 5.5% in the hours following.

A similar transaction was made now, fuelling speculation that Bitcoin may soon be able to receive another $125 million in buyer demand.

Popular trader, analyst, and commentator Cantering, Clark felt that the move was sufficient to allow him to enter the market.

“Terra foundation just sent an additional 125mil Binance. They did it last time right before they aped into BTC. I will be following. He told his Twitter followers that he would cut and reevaluate if the lows occur.

Kwon had not confirmed the activity at the time he wrote it, despite having claimed that he had said too many things during his interview with Wertheimer.

Screenshot of transactions believed to be Terra BTC purchases via Binance Source: Etherscan

To pay attention, a trader demands $45,500 in retests

However, Wall Street was open on March 23rd. There wasn’t yet any indication of a new bullish impulse move in BTC/USD markets.

Related: Bitcoin drops 3.6% from its weekly highs — What key levels should you be watching for in the BTC market?

According to data from TradingView and Cointelegraph Markets Pro, the pair traded at $42,000. It had fallen more than $1,300 from its highs one day earlier.

Scott Melker, a trader, analyst, and podcast host, said that he needed to get over $45,500 in his most recent YouTube update. This was ongoing at the time this article was written.

“Anything else is just tease.”

He noted on the daily chart that the Bollinger Bands were narrowing, hinting at volatility. This week, BTC/USD tapped the top band.

BTC/USD 1-day candle charts (Bitstamp) with Bollinger Bands Source: TradingView

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