 ▲ Bitcoin (BTC) |
It was confirmed that whale activity had decreased even before the Bitcoin (BTC) halving began.
NewsBTC, a virtual asset media outlet, reported on the sharing of on-chain data by analyst Ali Martinez, which showed that the activity of Bitcoin whales has decreased over the past six weeks. Santiment's whale trading aggregate indicator, which Martinez also presented as evidence, is based on the results of analyzing Bitcoin trading volumes worth between $100,000 and $1 million.
Martinez said that the whale trading volume began to decline when the price of Bitcoin hit a new high of $73,737. He also mentioned that the recent decline in the trading volume of whales, but the rapid increase in the Bitcoin network, suggests that demand for Bitcoin is high, and that there is a possibility of promoting a price increase.
A cryptocurrency strategist working under the pseudonym TechDev presented a two-month chart of Bitcoin and claimed that the price of Bitcoin has already begun an explosive rise. He raised the possibility of repeating a parabolic rally like the one at the end of 2020, when Bitcoin soared from $29,000 to $130,000 in two months.
Tech Dev presented the fact that Bitcoin's two-month bar is higher than the candle's high and that the relative strength index (RSI) is on the verge of exceeding 70 as evidence to support the acceleration of the parabolic rally.
Daily issues of cryptocurrency media outlets paid attention to TechDev's claims and reported that Bitcoin recorded a parabolic rally in 2013, 2016, and 2020, with RSI hitting the 70 level. TechDev also mentioned the fact that the Bollinger Bands Width had hit bottom at the time as a factor predicting an explosive price rise.
However, TechDev recently warned that the $60,000 support level has become vulnerable to a decline after several tests. “There is a possibility that it will return to its previous level of below $60,000,” he said. “The more frequent the $60,000 test is, the more likely it is to decline.”
However, he added that he could be satisfied if the bulls recover $68,000 in a scenario that would nullify the $60,000 collapse or prove that they have recovered after losing the current support zone.
