After the recent decline in the Bitcoin (BTC) price, claims that more declines could be seen began to be made.
Market evaluation via Twitter on March 21 sharing Speaking about the sales made by Bitcoin whales, Timothy Peterson, investment expert, stated that a deeper correction process can be seen.
In his assessment, he stated that wallet addresses with a large amount of investments started to decrease. He said that such data can be seen during the bear market.
Big wallets are running low
The number of addresses that contain more than 1,000 BTC. Source: Twitter
According to Glassnode data, addresses with 1,000 or more Bitcoins in it decreased for 40 consecutive days. This decline was previously experienced between 2014 and 2018. Peterson claimed that the bear market was entered into both in the process. Expert name, shared tweetHe made the following statement:
“The drop in big addresses indicates that the Bitcoin price could drop as low as $ 25,000 in the foreseeable future.”
Peterson, who shared the process of the largest Bitcoin wallet addresses over the past five months, thinks the decline will be very drastic.
Comparison of the Bitcoin price with the largest addresses. Source: Twitter
Peterson also suggested that the new network value would be between $ 15 and $ 33,000 in the event of a drop of up to $ 25,000.
Relative strength index may be warning
Economist Şant Manukyan, who evaluates the price of bitcoin, is one of the names that calls for caution. In his analysis shared on Twitter on March 23, he stated that large investors may reduce purchases as a result of the decline in the relative strength index (RSI). TweetHe wrote in his:
“The ADX’s action, which shows the strength of the trend in BTC, now shows that we need to take the oscillator (RSI) more seriously. The mismatch in the RSI will not lead a hodler for sale, but it may pull aside for a purchase. I’m following 53,000.”
Daily chart of XBT / USD pair. Source: Twitter