BTC bears have been extremely vocal this week after the price of bitcoin dropped to $8,200. Most of them are calling for a market correction, but an analysis of the bitcoin trading volume on Bitfinex and Bitstamp shows the whales are still active.
In December 2015, a few days before the bitcoin price collapse, two of the industry’s most prominent analysts, Tom Lee of Fundstrat Capital and Tim Enneking of Crypto Asset Management, issued bullish statements for bitcoin. In their respective reports, the two had predicted that bitcoin’s price would increase from $1,000 to as much as $2,100 over the next year, and that the dominant cryptocurrency would rise to $2,000 by the end of 2016.
For most of this year, the majority of cryptocurrency exchanges have seen a sharp decline in trading activity, with some even calling it a “meltdown” or a “crash”. But there’s a group of traders who have remained steadfast, and are helping to hold the price of bitcoin and other cryptocurrencies up.. Read more about bear market crypto 2021 and let us know what you think.Bitcoin (BTC) confirms a bear market as whales continue to send large amounts of BTC to exchanges.
That’s the view of Ki Young Joo, CEO of analytics service CryptoQuant, who said on 21. June warned of the current highly uncertain state of bitcoin.
Are too many whales spoiling the market?
With the release of a chart of what is called the Whale Removal Index, Key has identified the first major increase in Whale sales on the stock markets since July 2019.
At that time, BTC/USD had just crossed $13,900, a level it will not reach again until October 2020.
So, given this historical context, Key joins those who argue that bitcoin’s recent high of $64,500 may well have been a local high.
I hate to say it, but it looks like the $BTC bear market has been confirmed, he wrote in the comments.
Too many whales sending $BTC to exchanges.Bitcoin Poer Chart vs BTC/USD. Source: LookIntoBitcoin
Bitcoin has been in a bear market for quite some time now, and the reasons are mixed. Since Bitcoin is not a stock, there is no official price, but it is estimated that the average value of Bitcoin is around $3,000. Now, the latest Bitcoin bear market is confirmed by two different sets of analysts, and it appears the reasons are mixed as well.. Read more about next crypto bear market and let us know what you think.
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