While the price of Bitcoin has fallen over 37% in this year and is closing ever closer to the psychological $20,000 mark, BTC’s biggest whale continues to accumulate in this period of decline.
There is no doubt that Bitcoin is currently settling into a bear market. If the latter is not yet at the level of that of 2018 when Bitcoin had lost more than 80% of its peak of 2017, many forecasters believe that the asset could continue to fall. For example, analyst Peter Brandt thinks Bitcoin would likely bottom around $13,000. For his part, Scott Minerd, director of investments at Guggenheim sees the number one cryptocurrency plunge to $8,000.
Despite this wave of bearish forecasts, the whales are not discouraged and continue to accumulate BTC tokens in this bear market. This information therefore revives the debate on the floor of Bitcoin. Is the $20,000 – $22,000 range an ideal entry point? Or should we wait for another drop?
927 tokens for the biggest BTC whale
According to data shared by Watcher Guru on TwitterBitcoin’s biggest whale reportedly bought 927 tokens during the month of June, for an amount equivalent to $20 million.
She’s not the only whale accumulating in this bearish month of June. The company specializing in Bitcoin On-Chain data, santiment, revealed that it scrutinized a total of 12,969 transactions exceeding an amount of $100,000 in 12 hours. She adds in a post on twitter that the BTC network has not seen this volume of transactions since May 2021. Santiment concludes to say that the whales recognize the $22K mark as a major entry point and a very great opportunity for the future.
Bitcoin: What will be the bottom level in this bear market?
As mentioned in the introduction, bitcoin bottoming is a much-discussed topic after these different sequences of crypto market volatility. It should be mentioned that Bitcoin’s latest crash took it towards $20,222, its lowest level since December 15, 2020. In fact, while it is true that the asset tried to regain the 22,000 $, we can see that at the time of writing this article, it is losing control a bit and dipping back slightly below $21,000. The breakout of the levels below $20,000 may be imminent.
In a tweet posted yesterday, expert and trader Capo of Crypto wrote:
In my opinion, the 20,000 level will not hold for long. We have yet to see a real capitulation, and there are no bullish signs.
Today he makes a new tweet that illustrates his bottom scenario below $20,000. He clarified in his post on the social network at the blue bird.
If $BTC breaks the $20k level, the panic could be massive. Many people have stop losses below this level. Many others think he can’t break the 2017 ATH because it has never happened before… He could easily reach 16k-18k if the 20k breaks.
Billionaire Kevin O’leary also believes that the $20,000 was not Bitcoin’s bottom. For the latter, the low point would occur after the worst-case scenario (a panic event). He dropped:
What I’m doing right now is waiting, waiting for the big event as I call it. It will be a panic day, we will be down 2-3000 points. And yes, it’s horrible to talk about, but it’s actually very, very healthy. I think it’s actually a maturing process for the cryptocurrency market.
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Bitcoin: Biggest whale accumulating in this downturn – BeinCrypto
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