Amid BTC Boost, Popular Crypto Whale Affirms Bitcoin Likely To Tank Below $30k By Autumn

Amid BTC Boost, Popular Crypto Whale Affirms Bitcoin Likely To Tank Below $30k By Autumn
фото показано с : zycrypto.com

2021-8-22 16:22

It appears that “CryptoWhale,” a popular crypto personality known for unapologetically sharing his thoughts on cryptocurrencies, especially Bitcoin has sighted a possible bear market in the near term.

CryptoWhale tells how Bitcoin could shed off $18,000 from current price 

In his usual fashion, the market analyst took to Twitter to explain why he thinks that Bitcoin will fall below $30,000 come September. He attributes his take to the weak price action, along with other factors.

“Bitcoin will likely tank back below the $30,000 support range by this autumn. Price action looks extremely weak, and greed/euphoria is still very high.”

As of publication, Bitcoin is trading at a price of $48,993, after losing momentum last week almost immediately after hitting a weekly high of $47,988. Weekly gains are currently above 7% as the market strives to stay put.

BTCUSD Chart By TradingView

Market players like CryptoWhale are gearing up to make the exit ahead of the perceived bloodbath. CryptoWhale asserts that he has been “gradually taking profits in preparation for the trend reversal.”

Market sentiment from analysts is mixed, but still bullish in the long term

Much like CryptoWhale, other traders and chart observers have asserted that a mild downward reversal could precede the market, causing Bitcoin to stall in the weeks to come. However, recall that the Bitcoin Stock to Flow Model creator PlanB, who had accurately predicted the trajectory of Bitcoin before the May/June bloodbath using the model, reckons that Bitcoin will likely now go below $43,000 come September. Should this be the case, the expected bear trend this August might only be temporary.

CryptoWhale who firmly believes that there is no inherent demand for Bitcoin, hence the price stagnation said this in another tweet;

“Bitcoin’s price moving up has no correlation to real demand or market flows, but rather Tether. There’s nobody with perfect accuracy in predicting that. Not even moon boys know (Pomp was even bearish at $3K on CNBC, don’t forget).”

The take, while worth looking into, is quite inaccurate, as on-chain data had previously shown that retail and institutional investors in the asset have risen significantly within the last three months.

As opposed to critics take, Bitcoin’s vigor hasn’t stalled a bit.

Remarkably, Bitcoin had more than tripled its value since the last year and investors have also raked in significant profit as shown in quarterly performances. The culprits might just be traders who overleveraged and sold too quickly. 

PlanB does a decent job of explaining the trading dynamics in his most recent tweet quoted below. 

“BTC is up 4x since a year ago, investors are in profit. 90% of traders are always in loss in any market because they trade too much and are killed by cost, or they have no system and are killed by emotions, or they are killed by hedge fund trading desks. Odds are against trading.”

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 71235.97 (-0.07%)
Объем 24H $50.594b
Изменеия 24h: 6.89 %, 7d: 14.12 %
Cегодня L: $68995.48 - H: $71441.63
Капитализация $1403.432b Rank 1
Цена в час новости $ 48493.8 (46.9%)

bitcoin crypto popular cryptocurrencies especially unapologetically sharing

bitcoin crypto → Результатов: 126


Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason

A crypto analyst has made a bold prediction about Bitcoin, anticipating that the pioneer cryptocurrency could surge to $650,000 as the Spot Bitcoin ETF market continues to grow.   BTC’s Next Price Target Expected At $650,000 In an X (formerly Twitter) post published on Monday, Willy Woo, a popular analyst and crypto expert with over 1 million followers, predicted Bitcoin’s next price target, fueled by the growth and demand of Spot Bitcoin ETFs.

2024-4-17 23:00


Crypto Trader Warns Bitcoin Bulls as Price Rally Fizzles Out Again; New ETF Token Pumps

Bitcoin has been on a rollercoaster in recent weeks, hitting new highs before sharply pulling back. However, crypto analysts remain broadly bullish on Bitcoin’s prospects in 2024. At the same time, a new crypto asset called Bitcoin ETF (BTCETF) aims to capitalize on the long-awaited launch of SEC-approved Bitcoin exchange-traded funds.

2023-12-13 19:24


Фото:

Bitcoin Dominance Rises: Why Altcoin Buying May Need A Break

In a recent trend evident on crypto charts, Bitcoin dominance is once again on the rise, prompting some traders and investors to rethink their strategies concerning altcoins. An in-depth analysis of the data, coupled with insights from prominent crypto analysts, unveils several compelling reasons to exercise caution when considering an altcoin purchase at this moment.

2023-10-18 14:00


Фото:

Bitoin Hodling Reaches 5-Year High With 7,850,612.164 BTC: What Does This Mean For Investors

In the world of cryptocurrencies, Bitcoin continues to dominate as the pioneer and poster child of the digital asset space. A recent milestone has captured the attention of crypto enthusiasts and investors alike: the amount of Bitcoin being “HODLed” (a term used in the crypto community to describe holding onto Bitcoin rather than selling) has […]

2023-9-4 13:36