- Bitcoin, Ethereum and Tether transaction activity by whales, worth $100,000 and more has plunged over the past year.
- The drop in high volume transactions may not be indicative of a bear market, it reflects that whales are waiting and watching for developments.
- Analysts believe Bitcoin and Ethereum prices are showing a bearish continuation – at risk of dropping lower.
Bitcoin price could slide to $30,000 as transaction activity on the blockchain network drops. Whale transactions on Ethereum and Tether have witnessed a drop over the past year as large wallet investors wait out geopolitical crises.
Bitcoin price could plummet as whales watch and wait
Bitcoin, Ethereum and Tether suffer a decline in large wallet transactions since 2021. Based on data from crypto intelligence platform Santiment, transactions worth $100,000 and over have declined consistently, hitting their lowest point in a year.
Large value transactions in Bitcoin, Ethereum and Tether
Though analysts argue that a low volume of large value transactions does not in itself indicate the onset of a bear market, declining interest from whales in Bitcoin, Ethereum and Tether indicates that large players are awaiting further developments in the Russo-Ukrainian war.
Proponents believe that there is a risk Bitcoin price could plummet to a downside target of $30,000. FXStreet analysts noted that the Bitcoin price chart has largely remained unchanged. Bitcoin is trading sideways, stuck in a tight range. Analysts are bearish on Bitcoin price and note that structurally the asset is primed for a drop to $30,000.
Analysts observed that a similar set up in the Bitcoin price chart was followed by a crash in June 2018. This implies that analysts expect a crash in Bitcoin price again. Analysts revealed there is a combination of powerful time cycles that culminate this week, that further indicates a bearish outlook on Bitcoin price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Bitcoins hits new record high above $94K, signals continuation of larger uptrend
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration. Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
Cardano surges to over two-year high as on-chain metrics show bullish bias
Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.