Bitcoin (BTC) continues to trade under pressure! At the time of writing, Bitcoin is down more than 8% and is trading below $31,000. This also drove the overall cryptocurrency market down 7% to $1.26 trillion.
With Bitcoin facing constant downward pressure over the past 10 days, the number of savings wallets is on the rise. BTC price and savings wallets show opposite movements as we can see in the chart below in the data obtained from Glassnode.
This is clearly a bullish sign! Also, as CoinGape reported on other bullish indicators, the supply of BTC on exchanges started to drop as well, while whales started buying again around $30,000 after heavy selling around $40,000.
Bitcoin short-term investors post huge losses
While long-term investors continue to buy on the dips, Bitcoin’s short-term speculators have suffered huge losses recently. The end of day on June 25 was brutal for short-term investors. On Friday, the realized net profit/loss was even greater than the March 2020 edition. A total net loss of $3.45 billion was recorded.
There are all kinds of possibilities for Bitcoin to fall below the $30,000 levels from now on. In his speech on CNBC, Guggenheim’s Scott Minerd said that Bitcoin price could correct 50% more from here and drop as low as $15,000.
Minerd said the bottom is still not formed, adding that investors are now worried about putting money into Bitcoin. “The real bottom, if you look at the techniques, would be $10,000. This bottom is probably a bit extreme, so I would say $15,000,” he explained.
Minerd believes that Bitcoin will likely consolidate for a few years. Minerd noted that BTC’s outstanding performance over the past year was due to the massive influx of money from central banks. He believes that demand for Bitcoin will continue to decline as governments begin to take a step back in their liquidity programs.