Currently, the main threat to the crypto market, in particular to bitcoin, is posed by the so-called "crypto whales". They are large institutional investors who were buying up the cryptocurrency during the crisis.
However, the cryptocurrency №1 may collapse as the possibility of another sharp sell-off looms. Experts at Material Indicators analyzed bitcoin's latest 20-percent steep pullback from the $40,000 level. They came to the conclusion that crypto whales had already stepped up their efforts. This means that we could see a downward correction in other cryptocurrencies as well.
The recent serious drop in value has been triggered by severe selling pressure from mega whales, which is a wake-up call to the entire market. Analysts at Material Indicators predict a second wave of pullbacks in the nearest future. The fact is that whales who hold bitcoins worth up to $1 million could start locking in profits. Bitpay Chief Commercial Officer Vinny Singh believes that in such a case, the price of bitcoin could plummet to $20,000.
Nevertheless, there are more optimistic projections. Analyst Josh Rager expects the first cryptocurrency to rise to $50,000. Ton Weiss, a former analyst at Bear Stearns and JPMorgan, anticipates that bitcoin is likely to hit $100,000 this year.
