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Despite the fact that most experts had predicted that the price of BTC would rise to $ 10,000, Bitcoin was unable to keep up with the amount reached. As BeInCrypto previously reported, the first cryptocurrency peaked after falling from $ 9,550 to $ 8,100 in seven minutes. So Bitcoin lost more than 15% of its value at that point.
The likely cause of the fall of the leading cryptocurrency could be whale activity own 90% of all Bitcoins produced so far. According to the WhaleTrades service, which tracks large crypto transactions, someone sold Bitcoin coins worth $ 2,685,542 in BitMEX on a pair of XBT / USD about half an hour before the price drop.
Whales may not be responsible for the fall in prices at BTC
However, other experts believe that whales have nothing to do with it. The charts have long signaled a drop in prices.
According to a well-known cryptanalyst who predicted that the price would drop to $ 6,400 in 2019, he predicts another drop in Bitcoin prices. The cryptanalyst, nicknamed @davethewave, predicts that the price of BTC will drop to $ 6,329 in late June. In a tweet, he explains that the fractal predicts Bitcoin will drop to $ 6,400 in the coming weeks and then drop another 25%.
This would mean that Bitcoin could fall back to March levels in July this year.
Bullish versus Bearish: who dominates?
Overall, the bitcoin market continues to be dominated by an upward trend, which, however, can shift to a downward trend after halving. The high volatility of the currency, which always continues after halving, is observed for a few more weeks, which can ultimately lead to a sharp drop in prices.
However, cryptanalysts see other developments related to the sharp rise in the price of Bitcoin. BeInCrypto also reported that Bitcoin has already laid the foundation for potential growth of $ 40,000.
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As a leading blockchain and fintech news company, BeInCrypto always strives to comply with strict editorial guidelines and the highest journalistic standards. With this in mind, we always encourage and encourage readers to do their own research into the information provided in this article. This article is intended as news and is for informational purposes only. The topic of the article and the information provided may have an impact on the value of a digital or cryptocurrency asset, but is never intended. Likewise, the content of the article and the information contained therein do not intend and do not intend to provide sufficient information for a financial or investment decision. This article is not expressly intended as financial advice, it is not financial advice and should not be construed as financial advice. The content and information in this article have not been prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making an investment decision. The author of this article may have any amount of Bitcoin, cryptocurrencies, other digital currencies, or financial instruments at the time of writing, including but not limited to those contained in the content of this article.
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