Bitcoin whale activity has risen in the last few days, preceding a sell-off that sent BTC below $9,000 just as top crypto strategists are turning bearish on the world’s leading cryptocurrency.
Mason Jang, chief strategy officer of on-chain data analysis firm CryptoQuant, reveals that whales moved fast on June 15th with BTC inflows into crypto exchanges Coinbase and Gemini surging right before Bitcoin dipped to $8,900.
“BTC crashed as the US stock has tumbled from 15 June, 02:00 UTC. Whales from Coinbase and Gemini moved before the dip.
Keep [monitoring] the movement of fast movers from Coinbase and Gemini to avoid risks.”
On top of transferring BTC from their wallets to crypto exchanges in order to sell their positions, whales are also liquidating the BTC they hold in Gemini, a whale-oriented crypto exchange.
CryptoQuant chief executive Ki Young Ju says the amount of BTC stored in Gemini wallets has dropped low enough to indicate that Bitcoin has entered bear territory.
A number of widely-followed crypto analysts echo Ki Young Ju’s bearish sentiments. Trader Josh Rager tells his 73,000 followers on Twitter that the top cryptocurrency remains weak until it can reclaim a key level.
“To maintain a bullish perspective price [BTC] must reclaim $9550. Then reclaim $9800+. Until then, [I] personally feel like the downtrend can continue.”
Meanwhile, crypto strategist DonAlt tells his crew of 144,000 followers says that a deep Bitcoin plunge is within the realm of possibility even though many traders do not see a big correction on the horizon. The trader highlights the fact that Bitcoin’s value has risen dramatically since the March 2020 low.
“I’ve been seeing more and more comments saying BTC going down to support is unlikely because that’d be too big a drop.
That’s not how Bitcoin works. Retraces are short and vicious. Crashes even more so. 40% down is not unlikely, it’s happened before, it’ll happen again.”
At time of writing, Bitcoin is valued at $9,564, according to CoinMarketCap.