The continuous fluctuation in the Bitcoin market has forced many analysts to frequently change their viewpoint with the bullish to bearish trend and vice versa. In this type of situation, different market indicators, analyses, and metrics predict the different types of upcoming situations, which as a result, intensify the fear, doubt, and uncertainty among traders. After a long period of bullish trend, the asset is currently going through a tough period, and there is growing incertitude about its future.
This situation has forced many analysts and whales to rethink their Bitcoin venture while some of them have already turned their backs towards digital assets. One such analyst and whale is Mr. Whale, who has recently spread pessimistic viewpoints on Twitter. He said that Bitcoin’s uppish trend is over now because it is descending for the last 80 days consecutively. According to him, Bitcoin never reached a new high after this type of consolidation period. His words suggested that he has lost his hopes in Bitcoin.
However, historical data negates the viewpoint of Mr. Whales. Sometimes, Bitcoin recovered from longer than 80 days period to set new all-time high records. The first incident of such type happened in 2013 when Bitcoin set a new all-time high of $234 from $32 within a single month time period. After this hike, it saw a difficult span of 7 months when it faced a 75% decline and was traded between $66 to $192. It is a fact that within the same year, it reached $1242.
The ongoing fluctuation started when some big whales started to sell their collections, and while Bitcoin was still recovering, it faced two major blows, which created FUD. One blow was delivered by Elon Musk, while the other was thrown by China in the form of a crackdown on BTC miners.
Big whales have once again started to buy and store Bitcoin because the number of coins held by Bitcoin whales has reached 9.12M. This can be seen as the beginning of a bullish trend because last year’s surge was also initiated by whales buying all the available Bitcoin in the market at that time. The total number of whales has also reached an ATH of 1922.
As per a report by CoinShare, Capital inflows of Bitcoin and altcoins have also reached a five-week high amount ($38.9M) which means that cryptocurrency has become the 9th most valuable asset of the world. All these statistics point a finger towards the hypothesis that whales sold out their stocks to lower the price, and now they are buying more Bitcoin, which will ultimately result in a new ATH price.