Bitcoin(BTC) Price To Record an 18-Month Low by May-End, Whales Heavily Re-Distribute 30,000 BTC. What’s Next?
Bitcoin price continues to hover within the restricted resistance and support levels, indicating a continuation of a decisive phase ahead. However, the decisive phase may not end in a breakout as multiple factors point toward a steep plunge. The BTC price appears to drop by more than 25% yet again to reach out the levels around $21,000, the lowest in 18 months.
As reported earlier by Coinpedia, BTC price continues to trend within the bearish flag and hence primed to slice through lower support and plunge hard. In a recent update, the BTC whales appear to be uncertain about the upcoming BTC price action & hence they just liquidated nearly 30,000 BTC in the past 24 hours.
This isn't good for #Bitcoin Whales have offloaded or redistributed 30,000 #BTC in the past 24 hours while the supply on exchanges grew by 10,000 $BTC. — Ali Martinez (@ali_charts) May 26, 2022
On the other hand, the supply on exchanges also surged as nearly 10,000 BTC floods-in as per the analyst here. And hence this may be an impact huge BTC reserves in the market which may have to build up a significant selling pressure. And hence the asset is now on the verge to lose the $29,000 level as well.
However, if the BTC price yet again breaks down below $29,000 and fails to regain in a short time, then it may be assumed the resumption of a steep descending trend. Here, the price is expected to fall as low as $21,000 as predicted by a popular analyst Capo.
$BTCRange/triangle getting more compressed. Expect volatility soon, probably to the downside. — il Capo Of Crypto (@CryptoCapo_) May 25, 2022
The analyst has been posting the Bitcoin price action for a couple of days, and surprisingly, the price is moving as per the prediction. Initially, when the prices were hovering above $30,000, the analyst had predicted a drop below $29,000 to test the levels around $28,600. And hence the recent plunge which has been ignited from the early trading hours substantiates the prediction.
Therefore, if the BTC price continues to hover as structured by the analyst, then a steep fall may be pre-programmed in the next couple of days, before the end of this month. Here the Bitcoin prices are expected to reach out to the levels between $21,000 to $23,000. And hence after achieving an 18-month lower level, it would be extremely difficult for the star crypto to regain its bullish momentum for a while.Source