The price of bitcoin (BTC) is likely to fall by 20% in the next few months, but that has not stopped it from listing its richest investors.
Data from Glassnode shows that the number of bitcoins maintained by at least 1,000 BTC or so-called “whites” in the so-called “whale” balance has reached its highest level since September 2021.
Interestingly, bitcoin prices have fallen from $ 43,000 to $ 38,000 in the past week, but that number has risen.
Bitcoin Whale Storage. Source: Glassnode
Marcus Sotrio, an analyst at GlobalBlock, a digital asset in the United States, saw the Bitcoin whistle as a recent uptrend, recalling the September 1999 high of $ 69,000 before the BTC price hike. 2021.
“Because the whales have a significant impact on the market, this measure is important to keep in mind,” he said.
The risk of bitcoins is even lower
The price of bitcoin fell from $ 69,000 last November to $ 40,000 at the end of April 2022, largely due to the Fed’s decision to sharply raise interest rates and cancel its inflation control plan.
Interestingly, the decline in bitcoin mirrored a similar downward trend in the U.S. stock market, with the mid-April high of 0.99 with the tech-heavy Nasdaq compound. An effective reading of 1 shows that the two properties are moving forward in harmony.
The connection between Nasdaq 100 and BTC / USD. Source: TradingView
Nick, an analyst at data source Ecoinometrics, said: He added:
“If the Fed turns the stock market into a black hole, don’t expect the bitcoin to get out of the big trouble.”
Techniques have added to the depression index. It is worth noting that bitcoins are likely to break the bearish pattern in the next few months as shown in the table below and are in danger of falling in price over the next few months.
The BTC / USD daily price chart is equipped with a “bear flag”. Source: TradingView
The bear’s target is $ 33,000.
Meanwhile, Brett Sifling, investment adviser at Gerber Kawasaki Resources and Investment Management, said the break below $ 30,000 would fall to $ 20,000.
All views are on the Fed
The Sotrio bitcoin has maintained a long-term uptrend, pointing out that a 1.4% decline in U.S. GDP in the first quarter of 2022 will cause the Fed to become a little eagle-eyed to avoid a recession.
“As soon as we see this macro head continue, I think the connection to Nasdaq will continue,” the analyst told Cointelegraph.
“However, the longer this consolidation period lasts, the greater the expansion when the Fed turns from Eagle to Davis.”
Bitcoin’s “asymmetrical return” potential
At the same time, Nick believes that bitcoin will recover faster from U.S. stocks after the next major market downturn.
Related: BTC and ETH break all-time highs in 2022 – Celsius CEO
Analysts, including Netflix, Meta, Apple and others, have explained the magnitude and duration of BTC’s retreat against stocks by adjusting to a two-day high.
It is worth noting that bitcoins have recovered faster than any given U.S. stock.
Bitcoin Netflix’s Traction and Duration Source: Ecoinometrics
“Bitcoin is very different from your regular stock. So don’t worry too much about the volatility and instead focus on the long-term development potential. Those who bet on asymmetrical profits will be rewarded in a timely manner.”
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading activity involves risk, and you have to research it yourself when making a decision.