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Bitcoin price dropped by 8%. What do analysts think?

The price of bitcoin this Wednesday rolled back 8%, still remaining in a well-defined channel that formed after the rise of the cryptocurrency to $ 42,000 and the subsequent correction. The market has been in this state for about two weeks – in 14 days the price has changed by half a percent.

The CEO of the analytical platform CryptoQuant, Ki Yong Zhu, expects further decline in the short term.

“Whales bring bitcoins to exchanges,” he wrote hours earlier. “No question, it will go up to $ 100,000 this year, but in the short term, unless we see significant buying pressure on Coinbase, I think BTC will be in a bearish trend.”

It is noteworthy that the blockchain data indicate a continued growth in the number of “bitcoin whales”. So, since the beginning of 2021, the number of cryptocurrency holders with at least 1,000 BTC in their wallets has grown by 164 to 2,440.

“Large inflows to whale wallets were at $ 29,314. They will protect BTC. This level should be a solid support in the short term and hopefully long term, ”writes the Twitter account whalemap.

“There is a growing number of traders who doubt whether Bitcoin will return to $ 40,000,” write analysts at the Santiment platform. “However, address activity and trading volumes indicate that the long-term trend still looks very healthy. Watch to see if bitcoin usage remains elevated. “

DTAP Capital co-founder Dan Tapiero also draws attention to the “phenomenal chart” of Bitcoin volatility, which when compared to the 2012 and 2016 cycles indicates that the bulk of the recovery has not even begun.

“The measurement of volatility peaks at the end of the move. Now it is still at the very lows. It is hard to imagine that from here BTC can rise 5-8 times in 2021. Better to just walk, ”adds Tapiero.

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