Most of the technical and on-chain analysts on Crypto Twitter Bitcoin price prediction points to price discovery beyond $ 41000. Senior chain analyst Willy Woo commented on this debate while Bitcoin currently stands at $ 40,000 in a twitter message arguing that BTC will never see the $ 20,000 price range.
30% is the maximum predicted retracement amount when BTC reaches its peak, which is a rapidly changing forecast. Woo predicted this result based on investment inflow and Bitcoin’s recent price action. However, there may be a possibility that the price will fall back to $ 20000. Since the discovery of the price begins to rise above $ 35,000, there is speculation and anticipation of an inevitable correction in the price.
The number of Bitcoin whales also increased in the rally
On-chain analytics data doesn’t exactly point to a downtrend, but discussions on Crypto Twitter never fail to entertain individual traders. During this price rally, the number of unique addresses actively trading Bitcoin increased, as did the number of whales. According to data from Bitinfo charts, there are more than 6000 addresses in Bitcoin that hold more than $ 10 Million. This is about 4 times as compared to December 2017, when there were more than 2,000 addresses identified as Bitcoin whales.
Even if 5% of these addresses sell their assets and start making a profit at the current price level, it may be a sale, albeit not gradually, and the current market order on spot exchanges may be the tip of the iceberg. The sale could lead to a reconsideration of the 2018 market crash for Bitcoin.
It’s interesting to see that institutional investors aren’t ready to sell as the price has more than doubled since $ 20000, but what is the threshold? is there any?
When will institutional investors start selling? If they are close enough to their 100% targets, assuming that most of the purchase takes place in the range starting at $ 20000, there might be a correction and a drop above 25% could bring the price closer to the $ 30000 range. According to data from CoinMarketCap, the price is currently at an average of $ 39755, and if the price does not see $ 20000 again, it will be similar to a 2013 bull run, indicating that there is more room for price discovery beyond the current ATH.