With Bitcoin (BTC) trading below the $47,000 level again, experts are discussing various factors that may have contributed to the recent drop or impact the price in the near future. Here are the statements of leading crypto analysts on the subject…
What do BTC whale movements show?
It is thought that one of the reasons behind Bitcoin’s falling below the $ 47 thousand level again is the behavior of the whales in the previous week. In a tweet he shared on April 4, crypto analyst Ali Martinez specifically highlighted that about 16 Bitcoin whales holding at least 1,000 BTC in their crypto wallets have left the network or redistributed their BTC supply in the past seven days. Martinez also posted a chart from Glassnode showing the steady decline in the number of addresses with balances of 1,000 BTC or higher since the end of March.
While on April 3, this number was 2,255, on March 28 it was roughly 2,271, ie 16 addresses decreased. Given the current Bitcoin price, this means that whales holding possibly at least $735 million more in the largest cryptocurrency by market cap have left the network or redistribute their supply. According to Martinez, such behavior could put significant downward pressure on the leading cryptocurrency and potentially be reflected in the current price.
The community was optimistic despite the drop in Bitcoin price
As we previously reported as Cryptokoin.com, its community seemed optimistic about the movements of Bitcoin price in the near future. In particular, the CoinMarketCap community, which has 55,723 votes and 82 percent historical accuracy, expressed its prediction that the leading cryptocurrency Bitcoin (BTC) will be traded above $ 51,000 on April 30.
Bitcoin price, the leading cryptocurrency, is down by 2.65% since a week when it traded well above the $47,000 threshold and 0.96 percent in the last 24 hours, contrary to these forecasts. is recording. BTC is trading at $45,899.68 at the time of writing. On the other hand, according to CoinMarketCap data, the market cap of the leading cryptocurrency currently stands at $878.12 billion, making it the ultimate leader in the cryptocurrency industry.
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