- Bitcoin, Tether, and Ethereum have seen whale transactions worth over $100,000 plunging within the past year.
- The decline in massive transactions might not show a bearish market, but it indicates that whales are in wait and watch mode.
- Analysts trust BTC and ETH exhibit bearish continuation narratives, risking further drops.
Bitcoin price might drop towards $30K amid declined transaction activity. Also, Tether and Ethereum had seen whale transactions plunging within the past year as geopolitical tensions had large investors in wait mode.
BTC Price Might Crash as Whales Pause Action
BTC, ETH, and USDT see dropped whale transfers since 2021. Data from cryptocurrency intelligence firm Santiment shows transactions worth above $100,000 has seen consistent declines, touching yearly lows.
Though experts stated that a drop in large wallet transactions doesn’t in itself mean a developing bear market, fading interest from BTC, ETH, and USDT whales show that whale investors are waiting for more developments from the Russia-Ukraine crisis.
Proponents trust Bitcoin might suffer more downside towards the $30K mark. FXStreet experts noted that the BTC price chart has mostly remained unchanged. BTC trades sideways, stuck within a constricted range. Analysts remained bearish on BTC price and observed that structurally the crypto is prone to a downswing to $30,000.
Moreover, analysts noted that Bitcoin printed similar price chart readings before the 2018 June crash. That shows that they expect a massive drop in BTC price again. Experts also revealed multiple time cycles that climax this week, backing Bitcoin’s bearish picture. Nevertheless, the crypto market would likely witness a relief rally before the downward narrative emerge.
For now, investors escape the risky market due to geopolitical conflicts that have ruined the financial space. The capital industry has seen turmoil since Russia launched its military operations in Ukraine. Moreover, the markets will likely rely on developments from these nations. Russian destroying more cities in Ukraine will further dampen market sentiments. On the other hand, anticipated peaceful negotiations would boost investor confidence, improving the mood in the financial world.