It’s been just revealed that crypto trader and analyst Lark David said that whale games are currently at play as Bitcoin dropped in price below $34k.
The online publication the Daily Hodl notes that in a new synopsis of the markets, Davis said large Bitcoin holders are capitalizing on the massive move to the downside and hoping retail investors sell their BTC.
Big players are in the market
“There are very rich and very powerful players in this market who are very good at manipulating the market. They’re good at playing the game, right? And they play the game with billions of dollars in the capital at a time. They shake the market with massive selloffs while at the same time shorting the market,” he said.
He continued and said: “Then when the market’s down, they take your Bitcoin that you panic sold after a 10% drop. Rinse and repeat. Rinse and repeat. Gaining more Bitcoin, adding to their positions. This is the process of trying to shake you out of your position. Remember friends, don’t be whale food.”
It’s been also revealed that in Bitcoin’s 2017 bull run, the king coin dipped 30% or more multiple times on the way to its then all-time high of $20,000.
The Daily Hodl online publication notes that when BTC was down 10%, veteran trader Peter Brandt said the crypto bellwether was “not even close” to violating its parabolic uptrend.
The same online publication notes that Brandt accurately called the end of Bitcoin’s last bull cycle, calling the start of its long-term decline to a low of about $3,150.
We suggest that you check out the complete article in order to learn more about what he had to say.
At the moment of writing this article, BTC is trading in the red and the coin is priced at $35,606.08.
Stay tuned for more relevant news about the subject.