The cryptocurrency market has dropped in the past week, with Bitcoin and Ethereum down 14.41% and 9.97%.
The broader cryptocurrency market has been experiencing a bearish sentiment, which has led to a continual decline in the past week. The market has dropped by 3.6%, and the trading volume is 27% lower than the previous week. However, there are still some positive signs for traders in the form of $TON, $KAS, $RUNE, and $AKT.
Moreover, prominent cryptos like Bitcoin (BTC) were down by approximately –14.41% and Ethereum (ETH) plunged by -9.97%. Blockchain analytics firm Santiment highlighted that in a May 13 post on X.
Meanwhile, Crypto analyst Ali Martinez gave his prediction on X, demonstrating the possible scenarios for Bitcoin.
Bitcoin: Unfolding Analysts Predictions
According to ali_charts, if Bitcoin gains support above $64,290, it is likely to increase to $76,610. However, if it fails to surpass $64,290, Bitcoin might test support at $51,970 again.
Short-term #Bitcoin holders face a -6.78% loss if they sell today! This bull cycle's max pain point has been around -12%. pic.twitter.com/rFDcWi9Ml4
— Ali (@ali_charts) May 12, 2024
In addition, short-term holders of Bitcoin may experience a loss of 6.78% if they decide to sell today. It’s worth noting that this bull cycle’s maximum pain point has been around -12%, as revealed in another post.
A Big Whale Activity in Bitcoin: What’s Cooking?
Two Bitcoin wallets that were dormant for 10 years suddenly awoke and transferred almost all their Bitcoin, worth $61 million at current prices.
Each wallet received 500 Bitcoins on Sept. 12 and Sept. 13, 2013. At current prices, the combined amount transferred is 456 times more than the acquisition price.
2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.
— Lookonchain (@lookonchain) May 12, 2024
Wallet"16vRqA" received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.
Wallet"1DUJuH" received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5
Blockchain analytics firm Lookonchain paired the two transactions together due to the proximity of the inward and outward transfers. Many observers believe the two wallets involved in the transactions belonged to either the same person or entity.
At press time, the Bitcoin crypto (BTC) price was trading at $61,095. In the last 7 days, it was down by 5.08% and had a 1.20 Trillion market cap.
