Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000?
09 Mayo 2024 - 6:30AM
NEWSBTC
Movement and accumulation from crypto whales are two of the
catalysts for Bitcoin price increases. Although major whales are
still buying the dip, on-chain data indicates a general waning
accumulation momentum which suggests their conviction might
actually be waning. According to IntoTheBlock, an on-chain
analytics firm, Bitcoin whale accumulation volumes have declined
substantially in each buying cycle over the past month. This
decline in whale accumulation could be worrying for investors,
especially as the price of Bitcoin is now trying to hold above
$60,000. Whale Appetite For Bitcoin Dips According To On-Chain Data
Whales, or large investors holding over 1,000 BTC, have accumulated
strongly since the beginning of the year, especially during market
dips. This accumulation has largely helped to keep Bitcoin in
bullish sentiment and prevented huge price declines. However,
IntoTheBlock recently revealed an interesting pattern between these
whale wallets in each accumulation phase. Related Reading:
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The largest accumulation occurred between March 5 and March 7, when
these wallets acquired over 120,000 BTC. Every succeeding price dip
has, however, seen less accumulation than the one before it.
Particularly, Bitcoin’s recent dip to $56,000 failed to attract
notable whale accumulation. This drop in buying and selling
activity indicates whales may have lost some interest or appetite
for accumulating more Bitcoin in the short term. Whales are buying
the dip, but is their conviction dwindling? 🛍️Addresses holding
over 1000 BTC have accumulated strongly in recent months,
especially during dips. 📈Prices have increased shortly following
every accumulation. However, note that each spike in accumulation
by… pic.twitter.com/OkbekJr5NC — IntoTheBlock (@intotheblock) May
6, 2024 Precursor For A Crash To $50,000? The waning conviction
among Bitcoin whales has raised the question of whether Bitcoin
could reverse back into a full bearish momentum. These concerns are
particularly valid, considering some analysts are of the notion
that Bitcoin might’ve reached its peak in this cycle. As
IntoTheBlock noted, prices have increased shortly following every
accumulation this year. While the lower whale buying activity could
stall price increases in the short term, it is not a sure sign that
Bitcoin is headed for a major price crash. However, if the trend
continues for several more months, it could signal lower demand and
a weakening bull market. Related Reading: Crypto Analyst Predicts
350% Surge For Shiba Inu – Here’s The Target According to the
“In/Out Of Money Metric”, there is still a strong resistance volume
between $59,000 and $61,000. A drop below this range again would
push 552,220 addresses into losses. In fact, while a drop to his
level would be painful for many holders, most crypto analysts
remain optimistic about Bitcoin’s long-term prospects. At the
time of writing, Bitcoin is trading at $61,488. The crypto recently
rebounded around $57,500 and is up by 7.4% in the past seven days.
According to analyst Marco Johanning, $57,000 is an important
support level for Bitcoin. He noted that while a break below
$57,000 could lead to further declines into $52,000, the crypto
market is still very bullish for Bitcoin. BTC price struggles to
hold $61,000 support | Source: BTCUSD on Tradingview.com Featured
image from FameEX, chart from Tradingview.com
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