Digital Currency Analyst: The recent decline in bitcoin is in high demand



A digital currency market analyst says the recent decline in bitcoin is due in part to the activity of network whales. He says the price adjustment will allow these large investors to accumulate bitcoins at lower prices.

According to the Daily Hoodel, a digital currency market analyst recently spoke about the factors behind the recent decline in bitcoin.

Credible Crypto’s Twitter account told 322,500 followers in early April that bitcoin was still trading over $ 47,000. It registered $ 2,000.

He wrote on Twitter on April 2:

A large kit, in addition to the weekly re-testing I mentioned earlier, has created several trading positions between $ 40,000 and $ 44,000. This kit seems to be the same investment that has already created many opportunities to buy at 32,000. up to $ 38,000. If he can manipulate prices by ordering, he’s probably the same person.

Bitcoin purchase position chart.
Thermal map of the volume of trade items at different levels.

The level to which Cryptile Crypto refers is related to a tweet he posted on April 1, in which he predicted that bitcoin would undergo a correction before the next ascent.

According to him, the price adjustment will allow this large investor to accumulate bitcoins at lower prices.

Credible Crypto said:

At the end of last trading week, we managed to regain a very important level. The previous four times, when the bitcoin price candle closed above or below this level in the long run, the price chart was moving in the opposite direction within a few weeks. And this time we expect the price to fall to the support of $ 40,000 and then the upward trend will continue.

Bitcoin price chart in weekly view;  Reliable analysis.
Bitcoin price chart in weekly view; Cryptocurrency analysis.

He wrote on Twitter after bitcoin fell below $ 42,000:

It finally happened. The Bitfinx exchange kit completes the expected purchases of suppliers’ assets. The increase in the volume in the price floor of the chart shows that these offers are not fake and are in progress.

Bitcoin purchase position chart.
Thermal map of the volume of trade items at different levels.

Although Credible predicts a short-term decline for bitcoin, it also predicts an upward trend in the days after the end of the adjustment for this digital currency.

The analyst of the digital currency also cites data from the analytical site Glassnode, which shows the growing rate of accumulation of bitcoins for at least a year.

He said:

There is nothing wrong with selling bitcoins, just [بهتر است] Don’t be a seller at these prices.

Bitcoin accumulation rate index that is at least one year old.
Bitcoin accumulation rate index, which is at least one year after their transaction.

Looking at the chart above, it can be seen that historically, every time the index (the blue line in the picture) reaches the green zone, bitcoin starts a strong upward movement.

Digital Currency Analyst’s publication: The recent decline in bitcoin requires whales appeared for the first time in Digital Currency.

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