Bitcoin’s Price Drops, Still A Bull Cycle Is Imminent, Analyst Suggests

The crypto market looks pretty bloody today with all the coins trading int he red.

Bitcoin fell in price by more than 5% in the past 24 hours, and it seems to have dragged the whole crypto market down.

At the moment of writing this article, the king coin is trading in the red, and it’s priced at $9,155.46.

Bitcoin whale alert

It’s been revealed that in the last 24 hours, the crypto whale watcher bot Whale Alert tracked 10 big transactions to the tune of 29,986 BTC, worth about $288 million.

You can check out more notes about these in the Daily Hodl‘s article.

There have been all kinds of optimistic predictions about the price of BTC, especially after the May halving.

New bull cycle incoming

It’s been just revealed that Ki Young Ju, chief executive of on-chain intelligence company cryptoQuant said that a Bitcoin bull market is on the horizon and the BTC whale activity in the most popular exchanges is taking a nosedive.

A few days ago, the CryptoQuant exec said that historically when whales are moving their BTC off of exchanges, there’s a new Bitcoin bull market that is born four months later.

Such a signal appeared back in 2018 and then in 2019 before BTC began surging.

Other analysts mentioned by the same online publication say that Bitcoin is about to end its consolidation that lasted for about three months and move up once again.

The other day, we revealed that Blockchain data provider Glassnode says that a Bitcoin signal that preceded a massive BTC rally that saw gains of more than 9,200% between 2015 and 2017 is now back.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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