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<\/p>\n
\n\t\t\t\t\t\t\t\t\tThe recent whale activity doesn’t support the bearish scenario.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Despite a handful of short-lived rebounds, Bitcoin has remained locked in a steep multi-month downtrend, and many analysts believe it hasn\u2019t reached its true cycle bottom.<\/p>\n
There is a growing debate over whether BTC (which now trades just south of $63,000) is poised to break under the psychological $50,000 level, with some warning that an even deeper crash might be on the horizon.<\/p>\n
A few hours ago, Ali Martinez paid close attention to the $60,000-$63,000 range, noting<\/a> it is the largest volume cluster, with more than 1.3 million BTC transacted.<\/p>\n In his view, \u201cimmediate support\u201d at $60,587 must hold to maintain the current trend, but a break below could open the door to a collapse to $46,702, where 150,000 coins moved. Moreover, a subsequent drop beneath that zone could trigger a devastating crash to $37,867, something last observed towards the end of 2023.<\/p>\n X user Chiefy also thinks the worst is ahead, predicting<\/a> a \u201cfinal trap\u201d that could take the price to as low as $44,000. \u201cThat\u2019s where the crowd finally gives up. Just like they did in 2022,\u201d the analyst added.<\/p>\n Despite the prevailing bearish sentiment and a wave of pessimistic forecasts, large investors seem remarkably unshaken. Not long ago, these market participants purchased<\/a> 30,000 BTC (worth over $1.8 billion) in the span of a single week.<\/p>\n Such accumulation signals that whales are positioning for the next price pump and shows their strong conviction in the asset\u2019s long-term price potential. It is worth noting that smaller players monitor these actions and could get encouraged to hop on the bandwagon, thus distributing fresh capital into the ecosystem.<\/p>\n Meanwhile, the analytics platform Lookonchain revealed<\/a> that one anonymous whale opened a 40x long position on Bitcoin, worth nearly $70.5 million. This is a highly risky bet, and a plunge to $61,724 would liquidate the trader (should they not provide additional collateral to keep the position open).<\/p>\n Some might see this as a sign of an incoming resurgence. After all, whales are known for being experienced investors who rarely wager substantial sums, relying simply on their sixth sense.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nWhales Don\u2019t Agree<\/h2>\n
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