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Crypto whales pose serious threat to bitcoin price

Crypto whales pose serious threat to bitcoin price

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.

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