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Popular trader ED_NL notified his followers that the Bitcoin price will rise to liquidate the buys before shorting towards $38k.
Bitcoin (BTC) price is down 11.6 percent and 0.4 percent in the past seven days and the last 24 hours respectively. Institutional investors are putting in more money irrespective of the market volatility. Analysts are calling this period the accumulation phase. Venture capitals are searching for prospective projects to back.
However, few are the assets that have recorded notable gains in the past few months. Among the outliers include Shiba Inu, which has gained 14606 percent in the past year. To put the figures in another perspective, a coin like Chiliz that has made moves in the fan token industry is down approximately 57.1 percent. Among those in the metaverse like MANA, are up 90 percent in the past year.
Worth noting, that the Ethereum price is down 10 percent in the past week, while the BNB price is down 6.2 percent.
Popular trader ED_NL notified his followers that Bitcoin (BTC) price will rise to liquidate the buys before shorting towards $38k.
And to his words, Bitcoin (BTC) price has gained slightly above $40k according to market data provided by TradingView. Should his forecast materialize, then we can expect a major liquidation.
One of the most vicious Bitcoin price predictions is by Arthur Hayes, ex-CEO of derivatives platform BitMEX. According to Hayes, Bitcoin will trade for around $30K by this June. Indeed, a major capitulation is ahead.
However, some other chartists and traders think Bitcoin price has respected the past support line. Thereby insinuating the asset may reject a possible fall and continue with the past bull market
From an eagle’s view, the Bitcoin price is just oscillating up and down but is headed to the top. Nevertheless, the crypto community is being warned of incoming and unpredictable volatility.
Bitcoin and Cash Inflows
Despite the price shrinking, on-chain data shows big money is flowing into the crypto market. In the latest buying spree, Luna Foundation Guard (LFG), a Terra-backed non-profit organization, has purchased 2,500 more units of Bitcoin. Approximately, the company used a whopping $100.4 million to acquire the assets.
Consequently, the company now owns cumulatively 42,400 Bitcoin units, worth approximately $1.7 billion. Worth noting, this figure is almost what Tesla Inc (NASDAQ: TSLA) has invested in Bitcoin directly.
From another perspective, cash inflows and outflows in the crypto market only indicate more adoption.
Total cryptocurrency trading volume in the last day is at $98.8 Billion according to crypto analytics firm CoinGecko. Bitcoin has a market dominance of 38.8 percent and Ethereum has a market dominance of 18.7 percent.
The decentralized financial (DeFi) ecosystem is still leading growth in the crypto market, closely followed by play-to-earn projects.